Mark Hopkins Hotel Sold

Nob Hill icon changes hands

The Mark Hopkins has been sold, but Nob Hill isn't set to change anytime soon.

The iconic Nob Hill hotel's owner, InterContinental Hotels Group, has sold the 383-room luxury hotel for $120 million to a partnership of capital, according to the San Francisco Business Times.

Woodbridge Capital Partners and funds controlled by Oaktree Capital Management LP now own the hotel, which will still be operated by InterContinental, which also manages Holiday Inn.

InterContinental has sold off three hotels -- in New York, London, and now in San Francisco -- in the past year, in an effort to "reduce the capital intensity of the business," the newspaper reported.

So far, the moves seem to have paid off: profits are up 10 percent.

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