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Blackstone sheds another U.S. asset
Hilton Worldwide has completed its purchase of the Parc 55 Wyndham San Francisco in Union Square. The sellers are The Blackstone Group, Highgate Holdings and Rockpoint Group.
The property, which will be renamed Parc 55 San Francisco, a Hilton Hotel, adds 1,024 guest rooms, 54 suites and more than 30,000 square feet of meeting and function space to Hilton’s existing portfolio of San Francisco hotels.
Situated in the Union Square area, Parc 55 is one of five landmark properties purchased from the proceeds of the sale of the Waldorf Astoria New York. The other hotels in the transaction include: The Reach and Casa Marina, both in Key West, Fla., and Hilton Orlando Bonnet Creek and Waldorf Astoria Resort Orlando, both in Orlando.
The existing general manager of the property, John LaFortune, will manage Parc 55.
Parc 55 includes a full-service 24-hour fitness center, 55 Fitness, a 135-space parking garage and an array of dining op