Fairmont Sells to Oaktree and Woodbridge JV for $200M
- Jun 01, 2012
By Alex Girda, Associate Editor
The Fairmont Hotel, a Beaux Arts landmark that has hosted presidents, foreign heads of state and celebrites since its 1907 debut, has come under the ownership of Oaktree Capital Management L.P. and Michael Rosenfeld’s Woodbridge Capital Partners L.L.C. The joint venture acquired the 591-key property from Maritz, Wolff & Co. for about $200 million.
Maritz Wolff and its joint-venture partner, Kingdom Holding, bought Fairmont in 1998. Maritz Wolff put its majority stake in the hotel up for sale a year ago after a failed attempt at a $130 million condominium conversion. Kingdom Holding is keeping its stake in the property, and Toronto-based Fairmont Hotels & Resorts will continue as on-site manager.
Located at 9500 Mason St., the Fairmont offers 55,000 square feet of conference space, and several restaurants and lounges, such as the Tonga Room & Hurricane Bar, which is noted for its thunderstorms and floating stage. Among other distinctions, the Fairmont claims to be the first venue in the United States to offer concierge service.
Photo courtesy of user Sanfranman59 via Wikimedia Commons