SAN FRANCISCO—The companies that own the Fairmont San Francisco Hotel atop Nob Hill were sold 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.
Fairmont Hotels & Resorts, a luxury brand with more than 70 hotels globally, will continue to operate the 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 U.S. President since William Howard Taft, as well as innumerable foreign dignitaries, heads of state and entertainment stars, according to Woodridge Capital Partners. Many “firsts” have occurred at the Fairmont from the drafting of the United Nations Charter to Tony Bennett’s premiere 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 guestrooms and suites and more than 55,000 sq. ft. of conference and function space, the hotel features three restaurants and lounges, including the Tonga Room & Hurricane Bar. Its location at 950 Mason St. atop Nob Hill offers 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.