Parc_55_San_Francisco

Parc 55 San Francisco

Parc 55 San Francisco

Hotel in San Francisco, California

Parc 55 San Francisco - a Hilton Hotel is a 350 ft (107 m) skyscraper hotel located in Tenderloin, San Francisco, California.

Quick Facts Alternative names, Hotel chain ...

History

The Ramada Renaissance Hotel opened in October 1984.[4] Ramada Renaissance was the upscale division of Ramada Inns. The hotel was sold to Oakland developer Larry Chan's Park Lane Hotels in 1989 and renamed the Parc Fifty Five Hotel. On April 30, 1998, the hotel was reflagged as Renaissance Parc 55 Hotel. Renaissance Hotels had separated from Ramada in 1989 and been purchased by Marriott in 1997. The hotel became Marriott's 1500th property worldwide.[5] Boston-based Rockpoint Group and Dallas-based Highgate Holdings bought the hotel from Park Lane Hotels in 2006 for $170 million.[6] The hotel left Marriott on January 15, 2007, and became the Parc 55 Hotel. In April 2010, the hotel joined Wyndham Hotels and was renamed Parc 55 Wyndham San Francisco - Union Square.[7] In 2012, The Blackstone Group took 75 percent ownership of the hotel.[6] In February 2015, Hilton Worldwide bought the property and renamed it Parc 55 San Francisco - a Hilton Hotel.[8] In 2018, the building was valued at $512.2 million.[2] In 2023, Park Hotels & Resorts (an investment trust spun off from Hilton Worldwide in 2017) surrendered Parc 55 and the nearby Hilton San Francisco Union Square to its lender JPMorgan Chase, citing San Francisco's "record high office vacancy; concerns over street conditions; lower return to office than peer cities; and a weaker than expected citywide convention calendar."[9] In December 2023, the two hotels were placed into court-appointed receivership, under the control of Hotel Value Asset Enhancement for Wilmington Trust, the entity representing the mortgage lenders.[10]

References

  1. [1]
    "This company is taking over two of S.F.'s largest hotels. The goal: sell them within 11 months". The San Francisco Chronicle. Retrieved 2023-12-24.
  2. [2]
    Roland Li. "SF's 10 most valuable buildings". The San Francisco Chronicle. Retrieved 2021-06-15.
  3. [3]
    "Parc 55 San Francisco - The Skyscraper Center". www.skyscrapercenter.com. Retrieved 2021-06-15.
  4. [4]
    "Bike mural?? Pt 1 1984". The San Francisco Examiner. 5 October 1984. p. 21.
  5. [5]
    "Marriott International Announces Its 1,500th Hotel; San Francisco's Parc 55 Hotel Re-flagged as a Renaissance / April 1998".
  6. [6]
    "S.F.'s Parc 55 Wyndham could fetch $550M in one of city's biggest hotel sales of 2014". www.bizjournals.com. Retrieved 2021-06-15.
  7. [7]
    "Parc 55 Hotel San Francisco Will Join the Wyndham System | News | Breaking Travel News". Retrieved 29 March 2023.
  8. [8]
    "Hilton Worldwide Expands Portfolio in San Francisco with Acquisition of Parc 55 Wyndham San Francisco – Union Square". Hospitality Net. Retrieved 2021-06-15.
  9. [9]
    Barmann, Jay (2023-06-05). "Owner of SF's Largest Hotel, the Hilton Union Square, Is Walking Away, Surrendering It to Lender". SFist. Retrieved 2023-06-06.
  10. [10]
    https://www.sfchronicle.com/sf/article/s-f-largest-hotels-taken-over-18450839.php
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