Hilton Worldwide Holdings Inc., the largest operator of lodging properties, agreed to buy San Francisco’s Parc 55 hotel and four other hotels for $1.76 billion.
Hilton will purchase the properties with some of the proceeds from its $1.95 billion sale of the Waldorf Astoria hotel in New York, according to a statement on Wednesday. That sale, to China’s Anbang Insurance Group Co., has now closed, Hilton said.
Hilton said in October it agreed to sell the Waldorf Astoria on Park Avenue to Anbang. Under U.S. tax-deferral rules, Hilton must complete its purchases with the proceeds within 180 days of the sale closing. Anbang said on Feb. 1 that it had completed all regulatory procedures for its purchase.
The other four hotels are in Florida, with two in Orlando and two in Key West. All of the Florida properties already operate under the Hilton Brand and they include a total of 1,960 rooms, according to the statement.
This article was written by Andrew Blackman from Bloomberg and was legally licensed through the NewsCred publisher network.