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Parc 55 Part of Major Hilton Buy


Hilton Worldwide will acquire the 1,024-room hotel as part of five lodgings the juggernaut will pick up with $1.76B of the proceeds from its Waldorf Astoria sale last fall. The move is part of a strategic shift by the world's largest hotel operator away from New York, where room revenue growth has slowed thanks to an ever-growing supply of new hotel developments. Meanwhile, S.F.'s occupancy rate is 84.1% compared to the nationwide 64.4% average. Parc 55 is the city's fourth-largest hotel. Its sellers according to Bloomberg include Rockpoint Group and Blackstone, which is also unloading the Key West properties. Hilton expects to acquire more properties over the next six months with the remaining Waldorf proceeds.