SAN FRANCISCO-Bloomberg reported that Blackstone Group LP has acquired a controlling stake in the Parc 55 hotel in San Francisco for $70 million. The deal was closed after owners Rockpoint Group LLC and Highgate Holdings Inc. defaulted on the hotel's debt.
Blackstone will hold 75% ownership of the 1,000-room hotel and Rockpoint will retain 25% ownership after investing $10 million of new equity on the property. Highgate will continue to manage the property. For the full story, go to San Francisco Business Times .
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