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Hilton Reinvests Proceeds From Waldorf Sale

SAN FRANCISCO—The major hotel chain has purchased the Parc 55 Wyndham San Francisco—which will be renamed Parc 55 San Francisco a Hilton Hotel—a 1,024-guest room hotel in Union Square.

By Kelsi Maree Borland | Updated on February 20, 2015

SAN FRANCISCO—Hilton Worldwide has acquired the Parc 55 Wyndham San Francisco, a 1,024-room hotel in Union Square. The hotel, which will be renamed the Parc 55 San Francisco a Hilton Hotel, was purchased using funds from the hotel operator’s sale of the Waldorf Astoria New York last year.

Hilton purchased the hotel to augment its footprint in the San Francisco market, which, after New York, has the highest RevPAR of any US urban market, according to the research team at JLL. And, according to Smith Travel Research, the city has an 84.1%, ADR at $207.81 and RevPAR at $174.81. To further tip the scales, JLL research shows that the San Francisco hotel market was weak during the mid-2000 cycle, and did not return to its previous peak occupancy until 2013, compared to other US markets that had fully rebounded by 2006 and 2007. As a result, San Francisco is having stronger growth in this cycle compared to the previous cycle. Hilton declined to provide an additional comment about the sale.

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