Among
the noteworthy deals of the past week was the sale of the Hilton San Francisco
Union Square and Parc 55 San Francisco.
SAN
FRANCISCO — A $408 million sale price has been reported for Park Hotels &
Resorts’ former Hilton San Francisco Union Square and Parc 55 San Francisco
(3,000 total rooms), recently acquired by Newbond Holdings and Conversant
Capital. The price marks a reported 75% discount to the appraised values in a
2016 financing.
The hotels
were subject to a $725 million non-recourse CMBS loan and were placed in
court-ordered receivership in October 2023. At that time, Park no longer had
any economic interest in the hotels’ operations.
This can be
considered an excellent deal for buyers in a rebounding market, especially for
group business, and the completion of the process for Park, who just reported
an upswing in group demand, with Hilton Hawaiian Village Waikiki Beach Resort
reporting a 57% surge.
For more on
this deal, click here.
To download
our list of deals from the past week in Excel format, click here.