Fairmont Hotel sold for “about” $200 million
http://blog.sfgate.com/bottomline/20...million/?tsp=1
"Maritz, Wolff & Co. and Saudi billionaire Prince Alwaleed bin Talal agreed to sell the Fairmont San Francisco hotel after failing to win permission to convert part of the property into residences.
Woodridge Capital Partners LLC, a Los Angeles-based real estate developer and investor, will pay about $200 million for the hotel, said Heather Turner, vice president of acquisitions at Maritz Wolff. Woodridge will work with Howard Marks’s Oaktree Capital Management LP, also based in Los Angeles, on the purchase, she said in an interview. Fairmont Hotels & Resorts will remain the property’s manager.
The 591-room luxury hotel in San Francisco’s Nob Hill neighborhood was put up for sale in June as part of a Maritz Wolff plan to cut the size of its portfolio. An Oaktree fund and Michael Rosenfeld, Woodridge’s founder, announced in November that they purchased the Fairmont Orchid luxury hotel in Hawaii."