Historic Fairmont San Francisco Hotel Is Purchased by Oaktree Capital Management and Woodridge Capital Partners (États-Unis)
|
|
Historic Fairmont San Francisco Hotel Is Purchased by Oaktree Capital Management and Woodridge Capital Partners (États-Unis)
|
Catégorie : Amérique du Nord et Antilles - États-Unis - Économie du secteur
- Rachats groupes ou hôtels
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 09-05-2012
Kingdom Holding Company Retaining Interest in Iconic Hotel
The world renowned Fairmont San Francisco Hotel atop Nob Hill was sold today 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. The 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, also well known for her design of Hearst Castle. 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, “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.”
With 591 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.
Michael Rosenfeld stated: “The Fairmont San Francisco hotel’s rich history, elegance and beauty make it a one-of-a-kind property that cannot be replicated today. We are excited to be in such a distinguished partnership with a property that symbolizes the great City of San Francisco.”
About Oaktree
Oaktree is a leading global investment management firm focused on alternative markets, with $77.9 billion in assets under management as of March 31, 2012. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 650 employees and offices in 13 cities worldwide.
About Woodridge Capital Partners, LLC
Woodridge Capital Partners, headed by its CEO Michael Rosenfeld, is a Los Angeles based real estate investment and development company with hotel, residential and commercial assets throughout the United States. Woodridge and Rosenfeld have been active in the real estate industry for more than 25 years. Rosenfeld also has other hotel interests with Oaktree, including the iconic Century Plaza Hotel in Los Angeles, and the recently acquired Fairmont Orchid Resort on the famed Kohala Coast of the Big Island of Hawaii.
About Kingdom Holding Company
Kingdom Holding Company (KHC), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, is one of the world’s most successful and diversified financial investment enterprises with global investments in banking, hospitality, media, information technology, health and education. Kingdom Holding’s portfolio includes ownership interests in Fairmont Raffles Hotels International, Four Seasons Hotels & Resorts, Movenpick Hotels & Resorts, Apple, Inc., News Corp., Euro Disney, and Citigroup, among many others.
About Fairmont Hotels & Resorts
Fairmont Hotels & Resorts, which will arrive in destinations as diverse as Jaipur, Kyiv and Manila in 2012, is a celebrated collection of more than 60 luxury properties around the globe, including Shanghai's Fairmont Peace Hotel, The Plaza in New York, and Makkah Clock Royal Tower in the Kingdom of Saudi Arabia. The luxury brand's distinctive hotels offer a sense of heritage and sophistication, warm, engaging service and culturally rich experiences. A community and environmental leader, Fairmont is also recognized internationally for its responsible tourism practices and award-winning Green Partnership program. Fairmont is owned by FRHI Holdings Limited, a leading global hotel company with over 100 hotels under the Fairmont, Raffles, and Swissôtel brands. The company also manages Fairmont, Raffles and Swissôtel branded luxury private residences club, whole-ownership residences and serviced residences properties.
|
|
