KINGDOM Holding Company (KHC), chaired by Prince Alwaleed Bin Talal, announced the completion of the sale of the world- renowned Fairmont San Francisco Hotel atop Nob Hill for close to $200 million to a consortium led by an affiliate of Oaktree Capital Management LP and real estate investor Michael Rosenfeld and his Woodridge Capital Partners LLC. The hotel was purchased from Maritz, Wolff & Co., which acquired its investment in the hotel in 1998 in partnership with Kingdom Holding. KHC has retained a 28 percent interest in the hotel. Fairmont Hotels & Resorts, based in Toronto, Canada, will continue to manage the storied hotel. KHC owns a stake of 35 percent in Fairmont Hotels and Resorts. In a company statement issued Saturday, Alwaleed said "these transactions mark yet another step for KHC towards the realization of the value of its investments." The Fairmont San Francisco opened in 1907. The Beaux Arts-style building was designed by New York architectural firm McKim, Mead & White and Julia Morgan. Over its 105-year history, it has been home to many US presidents, world leaders and entertainment stars. John Brady, Head of Global Real Estate for Oaktree Capital Management, said: "We look forward to joining Oaktree's significant real estate experience and an investor base that includes prominent public and corporate pension funds together with longstanding relationships with Woodridge, Fairmont Hotels and Resorts, Kingdom Holding and our new partners - the hotel's outstanding employees and the City of San Francisco, one of the truly great cities of the world."
