Blackstone makes big investment in San Francisco's Parc 5521 Mar, 2012
Proving that San Francisco is just too good a market to not be in, New York-based Blackstone Group, according to Bloomberg, has invested about $70 million for a controlling stake in San Parc 55, giving the group its third hotel in one of the best performing U.S. lodging markets. The private-equity firm will hold 75 percent of the hotel, 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. Archon Group LP, a unit of Goldman Sachs, provided $152 million of debt financing to the new owners, according to a Bloomberg source.Topic : Blackstone, Parc 55, San Francisco
External Source : Bloomberg
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