**Newbond Holdings and Conversant Capital Acquire Two Landmark San Francisco Hotels for $408M**
A partnership between Newbond Holdings and Conversant Capital has completed the acquisition of two of San Francisco’s most iconic hotels: the Hilton San Francisco Union Square and Parc 55 San Francisco – A Hilton Hotel. The landmark deal, with a combined purchase price of $408 million, includes approximately 3,000 guest rooms and represents more than 8% of the total hotel room inventory in the city.
According to Bloomberg News, the acquisition was made at a substantial discount—roughly 75% less than the appraised value of the hotels during a 2016 financing. The previous owner, Park Hotels & Resorts, ceased making payments on a $725-million loan backed by the properties and eventually surrendered ownership in 2023.
San Francisco Mayor Daniel Lurie welcomed the news, emphasizing the growing recovery of the city’s tourism and hospitality sectors. “San Francisco is coming back, and major investments like this one show that momentum is building every day,” Lurie stated. “Visitors are returning, conferences are coming back to San Francisco, and it’s a good time to bet on our city.”
Newbond Holdings plans to undertake an extensive capital improvement program for both properties. Eastdil Secured served as advisor on the transaction.
