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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.
According to Bloomberg, Woodridge Capital Partners LLC, a Los Angeles-based real estate developer and investor, will pay about $200 million for the hotel. Woodridge will work with Howard Marks’s Oaktree Capital Management LP, also based in Los Angeles, on the purchase. 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.
Bloomberg reports, in an interview at the time, co owner Lew Wolff said "Our desire to improve this Nob Hill property did not materialize as we had hoped, and we are confident that perhaps a different ownership will be able to implement the improvements at the hotel, which we think will be beneficial to the city of San Francisco."