A pair of San Francisco hotels whose travails exemplified a fallen commercial real estate market are changing hands, marking a milestone in the city’s comeback story as it attracts some of the world’s largest investors.
Newbond Holdings and Conversant Capital are partnering to acquire the Hilton San Francisco Union Square and Parc 55 San Francisco for $408 million, according to a statement Friday. The price represents a roughly 75% discount to the hotels’ appraised value in a 2016 financing.