A partnership between Newbond Holdings and Conversant Capital, which was formed to invest in large-format hospitality assets, closed on the acquisition of two of San Francisco’s largest and most recognizable hotels: the Hilton San Francisco Union Square and Parc 55 San Francisco – A Hilton Hotel. The combined purchase price for the two hotels, comprising approximately 3,000 rooms and representing roughly 10 percent of the city’s total room inventory, was $408 million.
“Today is a great moment for downtown San Francisco’s hospitality sector,” said Vann Avedisian, a founding partner at Newbond. “We are thrilled to complete the acquisition of Hilton Union Square and Parc 55, and to embark on an extensive capital improvement plan for the assets. These hotels, anchored in the heart of Union Square and backed by Hilton’s strong global brand, are uniquely positioned to benefit from San Francisco’s resurgence as a leading global destination, which is well underway t
