Portsmouth Square is essentially a single-asset company built around the Hilton San Francisco Financial District, a 544-room full-service hotel at 750 Kearny Street in San Francisco. The hotel includes a five-level underground parking garage and operates under a Hilton franchise license through January 2030. Portsmouth is structured as an owner rather than an operator — day-to-day management is handled by Aimbridge Hospitality under a management agreement, for a base fee of 1.7% of total hotel revenue plus an incentive fee tied to profit growth. Portsmouth itself has only four corporate employees. The hotel targets business and leisure travelers, with its Financial District location driving midweek corporate demand. Revenue comes from rooms, food and beverage, parking, and ancillary services, with profitability driven by occupancy and ADR. The hotel recently completed a full renovation of guest rooms, public spaces, and meeting areas. Labor costs are a significant expense, as roughly 90% of the hotel's 187 employees are unionized across three collective bargaining agreements. Secondarily, Portsmouth maintains a portfolio of marketable securities — including equities, debt instruments, REITs, and mortgage-backed securities — managed directly by CEO John Winfield. This activity is opportunistic and not core to the business. Portsmouth is majority-owned by InterGroup, a public holding company, and Winfield controls both entities, giving him effective control over Portsmouth's strategy and capital allocation.