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San
Francisco’s Famed Mark Hopkins Hotel
Being
Acquired by Woodridge-Oaktree Partnership for $120 Million
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Owners of
Fairmont San Francisco Make Second Nob Hill Acquisition
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San
Francisco, CA – February 2014 / Newsmaker Alert / 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 (ADRs)], 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 look forward
to developing a strategic relationship with the Intercontinental Hotels
Group to enhance 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
combined, 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.
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Mark
Hopkins Hotel at One Nob Hill in San Francisco
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John
Brady, Global Head of Real Estate for Oaktree, stated, “We're excited about
the future of the San Francisco luxury hospitality market. Through strong
partnerships with hotel employees and the City of San Francisco, we believe
we can build significant value for two iconic assets on top of Nob Hill,
the Mark Hopkins and the Fairmont."
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
Intercontinental 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 www.oaktreecapital.com.
About
IHG
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: www.ihg.com.
Media
Contact:
Barbara
Casey
310-636-1888
Casey
& Sayre, Inc.
for
Woodridge Capital Partners, LLC |