Deals
Blackstone Said to Buy Most of Parc 55 in San Francisco
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Blackstone Group LP invested about $70 million for a controlling stake in San Francisco’s Parc 55, giving the firm its third hotel in the best-performing U.S. lodging market, said two people with knowledge of the deal.
Blackstone, the New York-based private-equity firm that owns the Hilton Worldwide chain, will hold 75 percent of Parc 55, and Boston-based Rockpoint Group LLC, which already held a stake in the hotel, will own most of the rest after investing $10 million of new equity, said the people, who asked not to be identified because the information is private.