Hotel Transaction California

Woodridge-Oaktree Partnership Acquires San Francisco’s Mark Hopkins Hotel for $120 Million

The hotel is being purchased from InterContinental Hotels Group PLC (IHG) LON:IHG, NYSE:IHG who will continue to manage the storied property. Oaktree and Woodridge plan to invest $20 million in hotel renovations to the guest rooms and public spaces.

InterContinental The world renowned Mark Hopkins Hotel at One Nob Hill in San Francisco is being acquired by a partnership between affiliates of Michael Rosenfeld’s Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P. for $120 million. The hotel is being purchased from InterContinental Hotels Group PLC (IHG) LON:IHG, NYSE:IHG who will continue to manage the storied property. Oaktree and Woodridge plan to invest $20 million in hotel renovations to the guest rooms and public spaces.

InterContinental Mark Hopkins San Francisco The 383-room Mark Hopkins Hotel opened on December 4, 1926 on the site of railroad magnate Mark Hopkins’ 40-room mansion. Hopkins was one of the founders of the Central Pacific Railroad that built the railway that linked the United States coasts. The Mark Hopkins has hosted numerous U.S. presidents, world leaders, movie stars and business tycoons.

Michael Rosenfeld, CEO of Woodridge Capital Partners, commented, “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.”

Oaktree and Woodridge also own the historic Fairmont San Francisco across from the Mark Hopkins that they purchased in May 2012. With close to 1,000 rooms, the Mark Hopkins and Fairmont sit atop the crest of Nob Hill and overlook San Francisco’s most acclaimed views, just minutes from the city’s financial and shopping districts and the only spot in San Francisco where the city’s cable car lines meet.

John Brady, Global Head of Real Estate for Oaktree, stated, “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."

Designed by San Francisco firm Weeks and Day, the 19-story hotel features a French chateau style exterior with ornate terra cotta Spanish ornamentation. A central tower with two outstretched wings features the glass walled Top of the Mark lounge on the 19th floor with 360-degree views of San Francisco’s most breathtaking sights. It was legendary during World War II as the last stop for Pacific bound soldiers and their first stop on returning home.

The Mark Hopkins has 19,000 square feet of meeting rooms including the renowned Room of the Dons that features nine seven-foot murals of early California history. The celebrated Peacock Court ballroom is one of the city’s most dramatic venues. The hotel was designated a historic landmark in 1987.

About Woodridge Capital Partners

Founded by Michael Rosenfeld, Woodridge Capital Partners, LLC is a Los Angeles based real estate development and Investment Company, and through its affiliates, are owners and developers of a broad range of hotel, resort, residential, and commercial properties throughout the United States. Woodridge’s holdings, in partnership with Oaktree include The Fairmont San Francisco Hotel, The Fairmont Orchid in Hawaii and The Hyatt Regency Century Plaza in Los Angeles. Together, they received the 2008 Single Asset Transaction of the Year Award by the Americas Lodging Investment Summit and the 2012 San Francisco Business Times Hotel Deal of the Year Award.

About Oaktree Capital Management

Oaktree Capital Management, L.P. is a leader among global investment managers specializing in alternative investments, with $83.6 billion in assets under management as of December 31, 2013. 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 800 employees and offices in 16 cities worldwide.



Logos, product and company names mentioned are the property of their respective owners.