Hotels & Accommodations
San Francisco’s two largest distressed hotels finally have a buyer
Two years ago, a major hotel operator abandoned its multibillion-dollar investment in San Francisco, leaving two hotels to languish without ownership.
Now, three New York-based firms are stepping in to buy the properties.
Newbond Holdings, the Witkoff Group, and Conversant Capital are partnering on the purchase of the Parc 55 and Hilton Union Square, according to a court document reviewed by The Standard.
The sale requires court approval. The process has been overseen by a court-appointed receiver who took over management of the hotels, which have a total of nearly 3,000 rooms, after previous owner Park Hotels & Resorts defaulted on its loans in 2023.
Park Hotels, a Virginia-based real estate investment trust, purchased the Hilton in 2000 and Parc 55 in 2015. A year later, Park Hotels took out a $725 million loan to pay for planned renovations.
According to court filings, the receiver selected a preferred buyer in March but had to delay the closing of the sale four times because of the properties’ large size and the complexity of the deal.
Newbond, Witkoff, and Conversant Capital did not respond to requests for comment.
Both hotels are managed by Hilton past 2040, with options to extend the contract for decades more.
The sale price is not known, but a July bondholder report said the purchase was contingent on a buyer modifying, extending, and assuming the distressed $725 million commercial mortgage-backed securities loan.
The loan terms also require the buyers to put up funds to alleviate the hotels’ cash flow challenges and pay for renovations to increase their value.
In 2016, the two hotels had an appraised value of $1.56 billion. The bondholder report recently appraised their combined value at $450 million to $500 million.
Newbond Holdings is a hospitality-centric real estate firm that has invested more than $20 billion in the Westin Tampa Waterside, Renaissance Times Square, and Hotel Tampa Riverwalk, among other assets.
The Witkoff Group, founded by Steven Witkoff in 1997, is a major Manhattan developer with a history of acquiring trophy real estate. Witkoff, a longtime friend of President Donald Trump, was appointed this year as U.S. special envoy to the Middle East.
Conversant Capital is an investment firm founded in 2020 that provides “flexible capital solutions” for “non-traditional and institutionalizing asset classes as well as real estate special situations.”
The San Francisco Chronicle was first to report the identity of the buyers.
Hyatt Hotels Corporation has officially opened Hyatt Place Tallinn, marking the brand’s first hotel in Estonia and its first property in the Baltic States. Located in the capital’s harbor district, the 169-room hotel offers guests a base that’s close to the UNESCO-listed Old Town, major cultural venues, and the ferry terminal for quick hops to Helsinki and Stockholm.
Connecting business and leisure
Hyatt Place Tallinn sits within walking distance of the Rotermanni Quarter, Telliskivi Creative City, and Kultuurikatel conference venue, providing access to both corporate and cultural attractions.
Michel Morauw, Managing Director for Hyatt in Northern Europe, said, “The opening of Hyatt Place Tallinn marks an exciting milestone as we introduce the Hyatt brand to the Baltic States for the first time.”
Igor Viskub of Estma HPT, the hotel’s owning company, commented, “We honored the Hyatt Place brand by bringing to life every aspect of its signature comfort and functionality in the Baltics. The ultimate proof of whether we succeeded is really up to our guests, World of Hyatt members, and customers, but we feel we have found the right collaborator, the right brand, and the right location for Hyatt’s successful entry into the growing Estonian market.”
Key features and amenities
- 169 guestrooms with Scandinavian-inspired design, walk‑in showers, and the brand’s signature Cozy Corner
- Zoom restaurant, offering local ingredients with global inspiration, led by Executive Chef Alexander Kaiser
- 24/7 fitness center with high‑performance equipment
- Access to seaside promenade and nearby nature reserve hiking trail
- 890‑square‑foot (82-square-meter) conference space with AV technology, split into two rooms
- 6 Cocktails bar (opening by year-end) with views of the city and harbor
Dining at Zoom blends contemporary décor with a relaxed atmosphere, reflecting Tallinn’s mix of international flavors and Nordic simplicity.
Hyatt Place Tallinn’s opening represents the company’s continued expansion in Europe and commitment to serving the evolving needs of modern travelers. With its prime location and balance of work-friendly features and leisure opportunities, it aims to make each stay feel as practical as it is engaging.
UK: Independent hotel collection Classic British Hotels has added two properties from The Alexander Hotel Collection.
The Alexander Hotel Collection is a group of four and five-star country house hotels and spas, located in Surrey, Sussex and Kent. Barnett Hill and Langshott Manor have now joined Classic British Hotels.
Set within a 26-acre estate in the Surrey Hills near Guildford, Barnett Hill offers 56 rooms, suites and residences. Head chef Steven Newton leads The Oak Room restaurant, the 1905 Bar and private dining menus. Additional amenities include nine meeting rooms.
Also in Surrey, Langshott Manor features 22 rooms and suites, the two AA Rosette restaurant The Mulberry, alongside four meeting rooms.
“We are absolutely delighted to welcome Barnett Hill and Langshott Manor into the Classic British Hotels family,” said Phillip Allsopp, managing director of Classic British Hotels. “These two hotels perfectly embody the unique character, exceptional service, and sophisticated yet playful spirit that our collection represents. Their addition significantly enhances our offering of country house properties within easy reach of London and provides even more enchanting options for our guests seeking a memorable British break. We look forward to a fruitful collaboration, working closely with The Alexander Hotel Collection to showcase these magnificent properties.”
Matt Linkin, revenue manager at The Alexander Hotel Collection, added: “Joining Classic British Hotels is a natural fit for Barnett Hill and Langshott Manor. We share a mutual dedication to delivering unparalleled guest experiences and celebrating the distinctive charm of British hospitality. This collaboration will allow our beautiful hotels to reach a wider audience who appreciate quality, individuality and the independent spirit that defines us.”
Highlights:
• Classic British Hotels has added Barnett Hill and Langshott Manor from The Alexander Hotel Collection.
• Barnett Hill offers 56 rooms, dining led by chef Steven Newton, and nine meeting spaces in the Surrey Hills.
• Langshott Manor features 22 rooms, the two AA Rosette Mulberry restaurant, and four meeting rooms.
• Classic British Hotels said the additions strengthen its country house portfolio near London.
IHG Hotels & Resorts has entered a management agreement with Hotel Chetan International to develop two new hotels in Bengaluru, India.
The hotels under the Crowne Plaza and Holiday Inn Express brands will be developed at the KIADB Aerospace Park. This will add more than 420 rooms to IHG’s portfolio in India.
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Both hotels are scheduled to open in the first quarter of 2028.
Situated in Bengaluru’s industrial and aerospace parks, near Kempegowda International Airport, the hotels aim to attract clients from aerospace and technology companies, Global Capability Centres (GCCs) and corporates.
According to IHG, the proximity to the upcoming BCCI Centre of Excellence and National Cricket Academy will further enhance the location’s appeal for business, leisure and MICE segments.
IHG Hotels & Resorts South West Asia managing director Sudeep Jain said: “We are delighted to strengthen our presence in Bengaluru with the addition of two strategically located hotels in the thriving KIADB Aerospace Park.
“The presence of leading aerospace and technology companies, coupled with the upcoming BCCI Centre of Excellence, makes this location a key demand generator across business, leisure, and social segments. With the introduction of Crowne Plaza and Holiday Inn Express in this hub, we are confident of catering to a wide spectrum of travellers seeking both premium experiences and smart, convenient stays.”
The 210-key Crowne Plaza hotel will have four dining venues, including an all-day dining restaurant, a restaurant, a pool bar and a lobby lounge.
The hotel will also feature various meeting spaces across four venues, including a ballroom for weddings, conferences and social gatherings.
The 210-key Holiday Inn Express hotel will provide a fitness centre and parking spaces.
Hotel Chetan International managing partner HC Byregowda said: “The strategic location, coupled with IHG’s strong global systems and the IHG One Rewards loyalty programme, gives us great confidence in the success of these hotels. Together, we aim to deliver high-quality hospitality experiences that will cater to both domestic and international travellers.”
Last month, IHG entered a management agreement with Hotel Eastern Nepal to open a new Holiday Inn Express & Suites in Dhulabari, Nepal.
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