Neil Luthra And Vann Avedisian Acquire Hilton San Francisco Union Square And Parc 55 For $408M

The transaction involves the acquisition of a hotel asset located at 333 O'Farrell Street & 55 Cyril Magnin Street in San Francisco. The sale price reached $408,000,000 for an asset totaling approximately 3,000 rooms, equivalently priced at $136,000 per key. The new owners aim to implement significant capital improvements as the tourism and convention sectors in San Francisco recover.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $408,000,000
• Buyers: Neil Luthra & Vann Avedisian - Newbond Holdings; Michael Simanovsky - Conversant Capital
• Broker: Eastdil Secured
• Keys: 3,000
• PPK: $136,000

Eastdil Secured provided advisory services for this transaction, facilitating the acquisition. The deal reflects a significant reduction of about 75% from the asset's appraised value in 2016, highlighting the evolving market dynamics and opportunities within the hospitality sector in San Francisco.