Hilton Worldwide has acquired the Parc
55 Wyndham San Francisco, giving the company control of almost
3,000 rooms near Union Square.
Hilton renamed the property
Parc 55 San Francisco, a Hilton Hotel.
The hotel, built in 1984, has 1,024
rooms and more than 30,000 square feet of meeting space.
The property is about
a block from the 1,911-room Hilton San Francisco Union Square, the city’s
largest hotel. That hotel recently received $25 million worth of upgrades to 575 of its rooms in the
second phase of a three-phase overhaul that began in 2012 and is scheduled for
completion in 2016.
Hilton, which didn’t disclose the
purchase price, funded the acquisition with proceeds from its recent $1.95
billion sale of the Waldorf Astoria New York.
Hilton also used proceeds from the
Waldorf sale to acquire the 1,011-room Hilton Orlando Bonnet Creek; the
498-room Waldorf Astoria Orlando; and two Key West hotels, the 311-room Casa Marina and the 150-room Reach.