Overview
- Newbond Holdings and Conversant Capital closed the purchase of the two Union Square hotels for a combined $408 million.
- Together the properties total about 3,000 rooms, representing roughly 10% of San Francisco’s hotel inventory.
- The price reflects an estimated 75% discount versus their 2016 valuation, according to industry reporting.
- Park Hotels & Resorts had stopped paying a $725 million loan in 2023, and said the balance had risen to $874 million before the sale enabled it to remove loan-related items from its financials.
- The buyers outlined a long-term plan with extensive capital improvements yet to be detailed, as city leaders tout recovering travel demand and other recent downtown hotel transactions by Blackstone and Sixth Street.