A partnership between Newbond Holdings and Conversant Capital, which was formed to invest in large-format hospitality assets, today 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% of the city’s total room inventory, was $408 million.
Today is a great moment for downtown San Francisco’s hospitality sector. 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 thanks to Daniel Lurie’s leadership. That leadership was essential to us in making the investment. Vann Avedisian, a Founding Partner of Newbond
This investment, which highlights the strengths of our partnership across capital allocation, operational expertise and structuring, is a unique opportunity to acquire and reposition two iconic hotels for the next phase of San Francisco’s recovery. We are committed for the long term with the city to further support its recovery, including a thriving and diverse lodging market. Michael Simanovsky, founder of Conversant Capital
San Francisco is coming back, and major investments like this one show that momentum is building every day. Visitors are returning, conferences are coming back to San Francisco, and it’s a good time to bet on our city. We’re showing the world: San Francisco is open for business, and we’re on the rise. San Francisco Mayor Daniel Lurie
The partnership with Newbond and Conversant marks an exciting new chapter for the Hilton San Francisco Union Square and Parc 55. We are proud to be a part of the revitalization of these iconic properties in San Francisco, one of the country’s great destinations, and are confident that once completed, these hotels will deliver the highest standards of hospitality to Hilton guests from all around the world. Chris Nassetta, president and chief executive officer, Hilton
Newbond Holdings is a hospitality-focused real estate investment firm with a national portfolio of hotel assets. Conversant Capital is an investment firm that pursues credit and equity investments within the real estate, digital infrastructure and hospitality sectors in both the public and private markets.
About Newbond Holdings
Newbond Holdings is a real estate and hospitality-focused investment platform focused on debt and equity positions across multiple real estate product types, as well as investments in related operating businesses and technology platforms. As a vertically integrated operating and investment platform, Newbond is uniquely positioned to create significant value beyond the typical investment process through creative structuring, operations, and the development of single and multiple-asset brands. For more information, visit www.newbond.com
