
After failing to win permission to convert part of the property into residences, Maritz, Wolff & Co. and Saudi billionaire Prince Alwaleed bin Talal have agreed to sell the Fairmont San Francisco hotel to Woodridge Capital Partners LLC, a Los Angeles-based real estate developer and investor.
Woodridge will work with L.A.-based Oaktree Capital Management LP on the purchase, which will total approximately $200 million.As part of a Maritz Wolff plan to reduce its portfolio, the 591-room luxury hotel, located in Nob Hill, was put up for sale in June. Oaktree and Woodridge had purchased the Fairmont Orchid luxury hotel in Hawaii in November 2011. Maritz Wolff, which had owned a portion of the hotel since 1998, was unable to get city permission to convert a section of the Fairmont San Francisco into a residential tower.
