SAN FRANCISCO—Woodridge Capital Partners has acquired the Stanford Court Hotel at 905 California St. here for an undisclosed price. The purchase marks the transfer of control of all three Nob Hill hotels to real estate investor Michael Rosenfeld's entities, including the Fairmont San Francisco, which was acquired in May 2012, and the Mark Hopkins, purchased in 2014. The latter two were acquired in partnership with Oaktree Capital Management.
GlobeSt.com has learned from sources unrelated to the deal that the seller was Westbrook Partners, a New York-based REIT that purchased the hotel in 2011 for $21 million during a downturn in the hospitality market. The parties involved were unable to provide a purchase price.
The hotel underwent a $33-million renovation that was completed in 2008 to update the rooms and common areas. Woodridge plans further renovations to the guest rooms and public spaces in the near future, and the firm tells GlobeSt.com that renovations costing in excess of $10 million will be made to rooms, corridors and the lobby, along with upgrades to elevators and tech systems.
The 393-room hotel includes 31 suites and is operated by Highgate Holdings, which will continue to provide management. All three hotels combined amount to 1,367 rooms sitting at one of the city's most prestigious locations, including spectacular views of the city and Bay and within walking distance of the Financial District, Union Square and South of Market tech hub. It's also the only spot in San Francisco where the three cable-car lines meet.
According to Rosenfeld, CEO of Woodridge, “We are honored to have the opportunity to continue to invest in San Francisco with its rich history. This is the perfect assemblage of three of the world's finest hotels in an incomparable location. We continue to see San Francisco as an incredibly strong luxury-hotel market with tremendous appeal for business travelers, conventions and leisure visitors.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
