The companies that own renowned 592-room Fairmont San Francisco Hotel atop Nob Hill on Thursday sold the 108-year-old asset for US$450 million (US$760,000 per key) to affiliated companies of Mirae Asset Global Investments, a large financial services company based in Seoul, South Korea. Fairmont Hotels & Resorts will retain management.
The sellers, which jointly purchased the hotel in 2012 for US$200 million and put in $20 million worth of renovations, are a partnership between funds managed by Oaktree Capital Management and real estate investor Michael Rosenfeld’s Woodridge Capital Partners, as well as Saudi Prince Alwaleed’s Kingdom Holding Co. Oaktree and Woodridge also own two other Nob Hill hotels, the Mark Hopkins and Stanford Court.
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 also home to America’s first concierge.