(EDITOR’S NOTE: According to sources with knowledge of the transaction, the sale price was confirmed to be close to $530 million, and the cap rate based on 2014 NOI was in the low 5 percent range)
SAN FRANCISCO – Feb. 18, 2015 – Hilton Worldwide today announced the closing of the acquisition of 55 Wyndham San Francisco – Union Square. 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. Ideally 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, A Waldorf Astoria Resort and Casa Marina, A Waldorf Astoria Resort, both in Key West, and Hilton Orlando Bonnet Creek and Waldorf Astoria Resort Orlando.
“Hilton has a celebrated heritage in San Francisco which began with the opening of Hilton San Francisco Union Square more than 50 years ago,” according to Rob Palleschi, global head, full service brands, Hilton Worldwide. “Parc 55 San Francisco a Hilton Hotel is a special addition to our rapidly growing global portfolio of more than 550 Hilton properties, and the custom furnished guest rooms, stunning views, massive event space and key location will give travelers the perfect vantage point to experience all the city has to offer.”
“Parc 55 complements its new sister hotel, Hilton San Francisco Union Square in one of the world’s most desirable gateway destinations,” said Keith Clampet, senior vice president of hotel operations at Hilton Worldwide. “With a contemporary design geared for both corporate and leisure guests, the hotel is an exceptional addition to our group of high-quality properties in the area.”
Parc 55 will be managed by the existing general manager of the property, John LaFortune. Boasting 23 meeting rooms featuring dramatic views of the city, advanced audiovisual equipment and a business center with free Wi-Fi and fax, copy and printing services, the hotel is ideal for groups of 10-700. Coupled with Hilton San Francisco Union Square, the two properties will be able to attract and accommodate larger groups with nearly 3,000 rooms and 165,000 square feet of functional meeting space combined.
Featuring artwork throughout the hotel lobby created by artists Sydney Bridges and Alex Garcia, Parc 55 boasts 1,024 accommodating guest rooms and 54 expansive suites. A full-service 24- hour fitness center, 55 Fitness, offers high-tech cardio and weight equipment allowing guests on the road to stay on target with fitness routines. Additional amenities include a 135-space parking garage with a Juice Bar for automobile charging and an array of dining options including authentic Thai eatery, Kin Khao, Cable 55 Restaurant which features innovative American cuisine and grab-and-go style Barbary Coast.
About Hilton Hotels & Resorts
Founded in 1919 as the flagship brand of Hilton Worldwide, Hilton Hotels & Resorts continues to build upon its legacy of innovation by developing products and services to meet the needs of savvy global travelers at more than 550 hotels across six continents. Hilton is the stylish, forward-thinking global leader in hospitality with Team Members shaping experiences in which every guest feels cared for, valued and respected. Access the latest news at news.hilton.com and begin your journey at www.hilton.com or www.hilton.com/offers for the latest hotel specials. View a list of official social channels at www.hilton.com/social. Hilton Hotels & Resorts is one of Hilton Worldwide’s 12 brands.
About Hilton Worldwide
Hilton Worldwide (NYSE: HLT) is a leading global hospitality company, spanning the lodging sector from luxury and full-service hotels and resorts to extended-stay suites and focused-service hotels. For 95 years, Hilton Worldwide has been dedicated to continuing its tradition of providing exceptional guest experiences. The company’s portfolio of twelve world-class global brands is comprised of more than 4,300 managed, franchised, owned and leased hotels and timeshare properties, with more than 715,000 rooms in 94 countries and territories, including Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio – A Collection by Hilton, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton HHonors®. Visit news.hiltonworldwide.com for more information and connect with Hilton Worldwide at www.facebook.com/hiltonworldwide, www.twitter.com/hiltonworldwide, www.youtube.com/hiltonworldwide, www.flickr.com/hiltonworldwide, and www.linkedin.com/company/hilton-worldwide.