The Real Estate team advised Newbond Holdings on the acquisition from a court-appointed receiver of two of San Francisco’s largest and most recognizable hotels: the Hilton San Francisco Union Square and Parc 55 San Francisco – A Hilton Hotel with its partner, Conversant Capital. The combined purchase price for the two hotels, comprising approximately 3,000 rooms and representing roughly 10% of the city’s total room inventory, was $408 million. In connection with the acquisition, Goodwin also advised on the assumption and restructuring of existing CMBS mortgage debt and the formation of a new partnership between Newbond Holdings and Conversant Capital to invest in large-format hospitality assets.
Newbond Holdings is a hospitality-focused real estate investment firm with a national portfolio of hotel assets. Conversant Capital is an investment firm that pursues credit and equity investments within the real estate, digital infrastructure and hospitality sectors in both the public and private markets.
The Goodwin deal team was led by Adam Kopald, Diana Brummer, Patrick Gunn, Andrew Smith, with assistance from tax partner George Davis.
For more information on the deal, please read the press release and coverage in Bloomberg.