fairmont-san-francisco-hotel

Mirae Asset Global Investments Purchases Fairmont San Francisco Hotel for $450M

by Haisten Willis

SAN FRANCISCO — Affiliated companies of Mirae Asset Global Investments, a financial services company based in Seoul, South Korea, have acquired the Fairmont San Francisco Hotel for $450 million.

A partnership of funds managed by Oaktree Capital Management and Woodridge Capital along with Kingdom Holding Co. were the sellers of the historic hotel located in San Francisco’s Nob Hill neighborhood.

Mirae is a financial services company that introduced the first mutual funds to Korea in 1998.

Fairmont Hotels & Resorts, with more than 70 hotels globally, will continue to operate the property under a long-term management agreement. Oaktree and Woodridge purchased the hotel in May 2012 and made improvements through a renovation plan.

The Fairmont San Francisco opened in 1907. Over its 108-year history, it has hosted every U.S. President since William Howard Taft as well as several foreign dignitaries, heads of state and entertainers. Tony Bennett’s first performance of the song “I Left My Heart in San Francisco” was performed at the hotel.

New York architectural firm McKim, Mead & White, along with Julia Morgan, designed the building in the Beaux-Arts architectural style.

With 592 guest rooms and over 55,000 square feet of conference and function space, the hotel includes three restaurants and lounges including the Tonga Room & Hurricane Bar. Its location at 950 Mason St. atop Nob Hill offers views of the city and San Francisco Bay.

— Haisten Willis

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