The world renowned Mark Hopkins Hotel at One Nob Hill in San Francisco traded hands this week as the Los Angeles consortium that bought the Fairmont Hotel in 2012 picked up the property for $120 million from InterContinental Hotels Group. The partnership between affiliates of Michael Rosenfeld's Woodridge Capital Partners and funds managed by Oaktree Capital Management plans to invest $20 million in hotel renovations to the guest rooms and public spaces. InterContinental Hotels Group will stay on to manage the property.
Michael Rosenfeld, CEO of Woodridge Capital Partners, said, "We are thrilled to add the Mark Hopkins San Francisco Hotel to our holdings further reinforcing our relationship with the great city of San Francisco. We are committed to enhancing the value of this prized asset."
"Through a strong partnership with hotel employees and numerous city constituencies, we're excited about the future of the San Francisco luxury hospitality market, and owning both iconic assets on top of Nob Hill, the Mark Hopkins and the Fairmont across the street," added John Brady, Global Head of Real Estate for Oaktree.
Host to numerous U.S. presidents, world leaders, movie stars and business tycoons, the 383-room Mark Hopkins Hotel opened on December 4, 1926. It was built on the site of railroad magnate Mark Hopkins' 40-room mansion, who was one of the founders of the Central Pacific Railroad that built the railway that linked the United States coasts.
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