(hospitalitybusinessnews.com) The Fairmont San Francisco Hotel was sold today for $450 million by a partnership between funds managed by Oaktree Capital Management, L.P. and real estate investor Michael Rosenfeld’s Woodridge Capital Partners LLC. Kingdom Holding Company (KHC) was also part of the selling group. The buyer is comprised of affiliated companies of Mirae Asset Global Investments, a large financial services company based in Seoul, Korea. Mirae is a pioneering financial services company that introduced the first mutual funds to Korea in 1998.
Fairmont Hotels & Resorts, a luxury brand with more than 70 hotels globally, will continue to operate the storied hotel under a long term management agreement. Oaktree and Woodridge purchased the hotel in May 2012 and made major improvements through a comprehensive renovation plan. Members of the selling group also own two other Nob Hill hotels, the Mark Hopkins and Stanford Court.
The Fairmont San Francisco opened in 1907. Over its 108-year history, it has hosted every US President since William Howard Taft as well as innumerable foreign dignitaries, heads of state and entertainment stars. Many “firsts” have occurred at the Fairmont from the drafting of the United Nations Charter to Tony Bennett’s premier of “I Left My Heart in San Francisco”. The Fairmont was home to America’s first concierge. The Beaux Arts-style building was designed by New York architectural firm McKim, Mead & White and Julia Morgan, also well known for her design of Hearst Castle.
With 592 guest rooms and suites and over 55,000 square feet of conference and function space, the hotel is renowned for its three restaurants and lounges including the Tonga Room & Hurricane Bar with its thunderstorms and floating stage. Its location at 950 Mason Street atop Nob Hill offers spectacular views of the city and the Bay, and is the only spot in San Francisco where each of the city’s cable car lines meet.