Oaktree Joins With Woodridge to Buy Fairmont Orchid Luxury Hotel in Hawaii
Oaktree and Woodridge, both based in Los Angeles, financed the acquisition of the 540-room property on the Kohala Coast of the big island of Hawaii with a $78 million loan from an affiliate of Archon Group LP and Goldman Sachs Group Inc. (GS), according to a statement from Paul Hastings LLP, which represented the buyers. The price wasn’t disclosed.
Oaktree earlier this year made an investment in the Beverly Hilton hotel in Los Angeles, averting a sale of the landmark property, a person familiar with the situation said in September. The company is the biggest distressed-debt investor, overseeing more than $80 billion for pension funds from Massachusetts to Florida and the world’s largest sovereign- wealth funds, such as China Investment Corp.
Marks and Michael Rosenfeld, Woodridge’s founder, didn’t immediately return telephone messages seeking comment. Lori Holland, a spokeswoman for Fairmont Hotels & Resorts Inc., also didn’t immediately respond to a request for comment.
Fairmont will continue to operate the hotel, Paul Hastings said.
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