An ownership group comprised of Los Angeles-based Woodridge Capital Partners and Oaktree Capital Management made its second acquisition in San Francisco's Nob Hill, following up the 2012 purchase of the Fairmont San Francisco with the acquisition of the famed Mark Hopkins Hotel for $120 million.
Named after one of the founders of the Central Pacific Railroad, the 383-room Mark Hopkins Hotel was constructed in 1926 on the site of Hopkins' 40-room mansion at the top of Nob Hill at 1 Nob Hill Circle.
Since its completion, the 19-story hotel, with its French chateau-style exterior and terra cotta Spanish ornamentation, has gone on to host a number of U.S. presidents, world leaders, movie stars and business moguls. During World War II, the Top Of The Mark Lounge on the 19th floor was notable for serving soldiers shipping out to the Pacific, and their first stop upon returning home.
The seller, Atlanta-based InterContinental Hotels Group, will stay on to manage the property. The Woodridge-Oaktree partnership plans to revitalize the guest rooms and public spaces with a $20 million capital improvement program.
Please see CoStar Comp #2960870 for more information on the transaction.