San Francisco’s Famed Mark Hopkins Hotel Being Acquired by Woodridge-Oaktree
Partnership for $120 Million
Owners of Fairmont San Francisco Make Second Nob Hill Acquisition
SAN FRANCISCO -- February 18, 2014
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 (“Woodridge”) and funds managed by Oaktree Capital
Management L.P. (“Oaktree”) 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.
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 19^th 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 (“Woodridge”) 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. For additional information, please visit Oaktree’s
website at http://www.oaktreecapital.com/.
IHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global
organisation with a broad portfolio of nine hotel brands, including
InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels &
Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge
Suites®, Candlewood Suites®, EVEN™ Hotels and HUALUXE™ Hotels & Resorts. IHG
manages IHG® Rewards Club, the world’s first and largest hotel loyalty
programme with over 77 million members worldwide. The programme was relaunched
in July 2013, offering enhanced benefits for members including free internet
across all hotels, globally. IHG franchises, leases, manages or owns 4,700
hotels and 687,000 guest rooms in nearly 100 countries and territories. With
more than 1,100 hotels in its development pipeline, IHG expects to recruit
around 90,000 people into additional roles across its estate over the next few
years. InterContinental Hotels Group PLC is the Group’s holding company and is
incorporated in Great Britain and registered in England and Wales. Visit:
For Woodridge Capital Partners, LLC
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