Newbond Holdings and Conversant Capital Close Acquisition of Two Major San Francisco Hotels

NEW YORK--(BUSINESS WIRE)-- A partnership between Newbond Holdings and Conversant Capital, which was formed to invest in large-format hospitality assets, today closed on the acquisition 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. 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.

“Today is a great moment for downtown San Francisco’s hospitality sector,” said Vann Avedisian, a Founding Partner of Newbond. “We are thrilled to complete the acquisition of Hilton Union Square and Parc 55, and to embark on an extensive capital improvement plan for the assets. These hotels, anchored in the heart of Union Square and backed by Hilton’s strong global brand, are uniquely positioned to benefit from San Francisco’s resurgence as a leading global destination, which is well underway thanks to Daniel Lurie’s leadership. That leadership was essential to us in making the investment.”

Michael Simanovsky, founder of Conversant Capital, commented, “This investment, which highlights the strengths of our partnership across capital allocation, operational expertise and structuring, is a unique opportunity to acquire and reposition two iconic hotels for the next phase of San Francisco’s recovery. We are committed for the long term with the city to further support its recovery, including a thriving and diverse lodging market."

“San Francisco is coming back, and major investments like this one show that momentum is building every day,” said San Francisco Mayor Daniel Lurie. “Visitors are returning, conferences are coming back to San Francisco, and it’s a good time to bet on our city. We’re showing the world: San Francisco is open for business, and we’re on the rise.”

“The partnership with Newbond and Conversant marks an exciting new chapter for the Hilton San Francisco Union Square and Parc 55,” said Chris Nassetta, president and chief executive officer, Hilton. “We are proud to be a part of the revitalization of these iconic properties in San Francisco, one of the country’s great destinations, and are confident that once completed, these hotels will deliver the highest standards of hospitality to Hilton guests from all around the world.”

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.

About Newbond Holdings

Newbond Holdings is a real estate and hospitality-focused investment platform focused on debt and equity positions across multiple real estate product types, as well as investments in related operating businesses and technology platforms. As a vertically integrated operating and investment platform, Newbond is uniquely positioned to create significant value beyond the typical investment process through creative structuring, operations, and the development of single and multiple-asset brands. For more information, visit www.newbond.com

About Conversant Capital

Conversant Capital LLC is a private investment firm founded in 2020. The firm pursues credit and equity investments within the real estate, digital infrastructure and hospitality sectors in both the public and private markets. Further information is available at www.conversantcap.com.

About Hilton

Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 25 world-class brands comprising 9,000 properties and over 1.3 million rooms, in 141 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed over 3 billion guests in its more than 100-year history. Named as the No. 1 World’s Best Workplace by Great Place to Work and Fortune, Hilton aims to create the best culture for its 500,000 team members around the world. Hilton has introduced industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the more than 235 million Hilton Honors members who book directly with Hilton can earn Points for hotel stays and experiences money can't buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on Facebook, X, LinkedIn, Instagram and YouTube.

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Media Contacts

For Newbond Holdings

Amy Rossetti

R[AR]E Public Relations

amy@rarepublicrelations.com

310.779.6025

For Conversant Capital

Josh Clarkson / Devin Shorey / Catherine Harrison

Prosek Partners

Pro-conversant@prosek.com

212-279-3115

Source: Newbond Holdings