SAN FRANCISCO-The Mark Hopkins Hotel at One Nob Hill is being acquired by a partnership between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P. for $120 million.
The world-renowned hotel is being purchased from InterContinental Hotels Group PLC who will continue to manage the property. Oaktree and Woodridge plan to invest $20 million in hotel renovations to the guest rooms and public spaces.
The 383-room Mark Hopkins opened on Dec. 4, 1926 on the site of railroad magnate Mark Hopkins' 40-room mansion. Hopkins was one of the founders of the Central Pacific Railroad that built the railway that linked the United States coasts. The Mark Hopkins has hosted numerous U.S. presidents, world leaders, movie stars and business tycoons.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
