Portsmouth Square, Inc. (‘Portsmouth’) owns and operates a hotel under the Hilton brand in San Francisco and California.
Portsmouth’s primary business was conducted through its general and limited partnership interest in Justice Investors Limited Partnership, a California limited partnership (‘Justice’ or the ‘Partnership’).
Justice owned and operated a hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the ‘Hotel’) and...
Portsmouth Square, Inc. (‘Portsmouth’) owns and operates a hotel under the Hilton brand in San Francisco and California.
Portsmouth’s primary business was conducted through its general and limited partnership interest in Justice Investors Limited Partnership, a California limited partnership (‘Justice’ or the ‘Partnership’).
Justice owned and operated a hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the ‘Hotel’) and related facilities including a five-level underground parking garage through its subsidiaries Justice Operating Company, LLC (‘Operating’) and Justice Mezzanine Company, LLC (‘Mezzanine’). Mezzanine was a wholly owned subsidiary of the Partnership; Operating is a wholly owned subsidiary of Mezzanine. Effective December 23, 2021, Portsmouth replaced Justice as the single member of Mezzanine. Mezzanine is the borrower under certain mezzanine indebtedness of Justice, and in December 2013, the Partnership conveyed ownership of the Hotel to Operating. The Hotel is a full-service Hilton brand hotel pursuant to a Franchise License Agreement with HLT Franchise Holding LLC (‘Hilton’) through January 31, 2030.
The company also derives income from the investment of its cash and investment securities assets. The company has invested in income-producing instruments, equity and debt securities and may consider other investments in the future.
In addition to the company’s Hotel operations, the company also invests from time to time in income producing instruments, corporate debt and equity securities, publicly traded investment funds, mortgage-backed securities, securities issued by REITs and other companies which invest primarily in real estate.
Seasonality
Historically, the Hotel’s operation has been seasonal under normal circumstances. Like most hotels in the San Francisco area, the Hotel generally maintained high occupancy and room rates during the entire year (year ended June 30, 2024) except for the weeks starting from Thanksgiving to first week of January due to the holiday season.
History
Portsmouth Square, Inc. was incorporated in 1967 as a California corporation.