San Francisco’s Hilton Union Square and Parc 55 Hotels Aold for for $408 million

Newbond Holdings and Conversant Capital have completed the acquisition of Hilton San Francisco Union Square and Parc 55 San Francisco for $408 million.

Newbond Holdings and Conversant Capital have finalized the purchase of two significant hotel properties in San Francisco. The acquisition includes the Hilton San Francisco Union Square and Parc 55 San Francisco, both located in the Union Square area. The transaction was completed at a combined purchase price of $408 million.

The two hotels together comprise approximately 3,000 rooms, which accounts for about 10% of San Francisco’s total hotel room inventory. This acquisition is part of a strategic investment by Newbond Holdings and Conversant Capital, aimed at capitalizing on San Francisco’s potential recovery and growth as a global destination.

The Hilton San Francisco Union Square and Parc 55 are located in a central area expected to benefit from the city’s ongoing resurgence in tourism and business travel. The investment plan includes an extensive capital improvement initiative for both properties, although specific details of the planned upgrades have not been disclosed.

The acquisition is seen as a long-term commitment to the San Francisco market, with both Newbond Holdings and Conversant Capital expressing confidence in the city’s recovery trajectory. The strategic move aligns with their focus on large-format hospitality assets, aiming to enhance the hotels’ operational performance and market positioning.

San Francisco Mayor Daniel Lurie has indicated that such investments are indicative of the city’s recovery momentum, with increasing visitor numbers and a return of conferences and events. The transaction underscores a positive outlook for the hospitality sector in San Francisco, as stakeholders anticipate a rebound in economic activity and tourism.

The acquisition by Newbond Holdings and Conversant Capital marks a significant development in San Francisco’s hospitality industry, reflecting broader trends of investment in urban hotel markets poised for recovery.