San Francisco’s Largest Hotel Complex Inches Closer to Sale
Skift Take
San Francisco's largest hotel complex, Hilton San Francisco Union Square and Parc 55, is nearing a sale after over a year in court-appointed receivership.
The DJIA surged 462 points today while Nasdaq was only up 6, the S&P 500 rose 32 points and the 10-year treasury yield was up 0.03 to 4.43%. Lodging stocks were higher. VCSA was up 7%, SHCO rose 6%, while AHT, SVC, and PEB each rose 5% on the day. PEB was raised to Buy from Neutral by Compass Point with a price target of $17.
STR reported U.S. hotel data for the week ending November 16. U.S. hotel RevPAR was up 0.4%, with occupancy up 1.5% and rates down -1.1%. Group RevPAR was down -2.9%.
While the Austin Convention Center closes for four years, White Lodging, with approximately 22% of the central business district hotel rooms in its portfolio, has the most to gain and lose during the closure. The AustinPlace Hotel Collection fills this temporary void by offering the largest collection of Marriott hotels in Texas and meeting space nearly reaching the size of the existing
