New York-based Blackstone Group successfully acquired Parc 55 Wyndham from Rockpoint Group for $235 million, or $231,984 per room, in a distress sale according to a CoStar report. No brokers were named in the deal and terms were undisclosed.
A Bloomberg report earlier this month noted that Blackstone, which owns the Hilton Worldwide chain, would hold 75% of Parc 55, and Boston-based Rockpoint Group,would own most of the rest after investing $10 million of new equity. The article went on to note that Archon Group, a unit of Goldman Sachs Group Inc., provided $152 million of debt financing to the new owners, according to one of the people.
Parc 55 Wyndham Union Square Hotel is nestled in the heart of San Francisco featuring 1,015 spacious guest rooms and 15 suites and more than 30,000 square feet of event space, plus three on-site restaurants.
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