Blackstone Takes $70M Controlling Stake In San Fran Hotel

Law360, New York (March 21, 2012, 8:17 PM EDT) -- Private equity powerhouse The Blackstone Group LP has purchased a controlling stake in San Francisco's Parc 55 hotel for $70 million, pumping much-needed equity into the more than 1,000-room hotel in the wake of a default on $211 million in debt, a source close to the matter said Wednesday.

Blackstone, which recently helped Hilton Worldwide restructure $20 billion of its debt, will now own 75 percent of the hotel, while existing owner Rockpoint Group LLC maintains a partial ownership with a new $10 million investment, the...
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