The landmark Mark Hopkins Hotel on San Francisco Nob Hill is being acquired for $120 million by Los Angeles investors who are expanding their holdings in one of the Bay Area’s most elite neighborhoods.
Affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management are buying the historic inn from InterContinental Hotels Group.
The 383-room Mark Hopkins will continue to be managed by English hotelier InterContinental. The hotel opened in 1926 on the former site of railroad magnate Mark Hopkins’ 40-room mansion. Hopkins was one of the founders of the Central Pacific Railroad, which built one of the last segments of the transcontinental railroad.
The Mark Hopkins is one of the state’s best-known hotels and has played host to U.S. presidents, other world leaders and movie stars.
Designed by San Francisco firm Weeks & Day, the 19-story hotel has a French chateau-style exterior with ornate Spanish-style ornamentation made of terra cotta. A central tower with two outstretched wings houses the glass-walled Top of the Mark lounge on the top floor.
Woodridge and Oaktree also own the historic Fairmont San Francisco hotel across the street.
“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,” said Michael Rosenfeld, chief executive of Woodridge Capital Partners. “We are committed to enhancing the value of this prized asset.”
The new owners plan to spend $20 million on renovations to the guest rooms and public spaces.