Fairmont San Francisco sold to Oaktree Capital Management and Woodridge Capital Partners
SAN FRANCISCO—The historic Fairmont San Francisco Hotel was sold for close to $200 million to a consortium led by an affiliate of Oaktree Capital Management LP and real estate investor Michael Rosenfeld and his Woodridge Capital Partners LLC. READER COMMENTS
The 591-room hotel was purchased from Maritz, Wolff & Co., which acquired its investment in the hotel in 1998 in partnership with Kingdom Holding, which is retaining its interest. Fairmont Hotels & Resorts, based in Toronto, Canada, will continue to manage the storied hotel.
The Fairmont San Francisco opened in 1907. The Beaux Arts-style building was designed by New York architectural firm McKim, Mead & White and Julia Morgan. Over its 105-year history, it has been home to many “firsts” 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, and since its opening, has served as the San Francisco residence for U.S. presidents, world leaders, and entertainment stars.
John Brady, head of global real estate for Oaktree Capital Management, said in an announcement, “We look forward to joining Oaktree’s significant real estate experience and an investor base that includes prominent public and corporate pension funds together with longstanding relationships with Woodridge, Fairmont Hotels and Resorts, Kingdom Holding and our new partners—the hotel’s outstanding employees and the City of San Francisco, one of the truly great cities of the world.”
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