Nov. 1 (Bloomberg) -- Howard Marks’s Oaktree Capital Management LP and real estate developer Woodridge Capital Partners LLC purchased the Fairmont Orchid luxury hotel in Hawaii, the companies’ law firm said today.
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., 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.
To contact the reporter on this story: Nadja Brandt in Los Angeles at email@example.com
To contact the editor responsible for this story: Rob Urban at firstname.lastname@example.org