Located on Nob Hill, the Fairmount San Francisco has been sold to Woodridge Capital Partners, a Los Angeles real estate development and investment firm, for approximately $200 million after its former owners were unable to expand and build luxury condos on property due to preservation restrictions.
The former owners of the Fairmount San Francisco, Oakland A’s managing partner Lew Wolff and a Saudi prince, have sold the hotel to Woodridge Capital Partners, however, Toronto-based Fairmount Hotels & Resorts will continue to manage the property.
Back in 2009, the owners of the hotel were hoping to do a $130 million expansion in the tower by adding 160 condominiums, cutting the number of hotel rooms from 591 to 226. However, preservationists objected, as did hotel workers’ union over concerns that shrinking the hotel would significantly cut jobs. The plan officially fell through in 2011 just months before the hotel was put up for sale.
Michael Rosenfeld, CEO of Woodridge, said, “We are very excited to be under contract to acquire the iconic San Francisco Hotel. It is a rare privilege to have the opportunity to be involved with a property with a rich history in such a great city as San Francisco.”