SAN FRANCISCO, CA – The companies that own world renowned Fairmont San Francisco Hotel atop Nob Hill were sold today for $450 million by a partnership between funds managed by Oaktree Capital Management, L.P. and real estate investor Michael Rosenfeldโs 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 โfirstsโ have occurred at the Fairmont from the drafting of the United Nations Charter to Tony Bennettโs premier of โI Left My Heart in San Francisco”. The Fairmont was home to Americaโs 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.