If you want to buy a luxury hotel in San Francisco, you're in luck: one is available. We hear The Fairmont San Francisco is on the chopping block, according to co-owner Maritz, Wolff & Co. The 591-room property is located in the city's Nob Hill neighborhood.
Bloomberg reports that the lodging investor has hired Hodges Ward Elliott Inc., an Atlanta-based brokerage, to market the property in the next several months; however, the lisiting will not have an asking price. Maritz Wolff owns 50 percent of the hotel, with Saudi billionaire Prince Alwaleed bin Talal the other stakeholder.
"Our desire to improve this Nob Hill property did not materialize as we had hoped, and we are confident that perhaps a different ownership will be able to implement the improvements at the hotel, which we think will be beneficial to the city of San Francisco," said Wolff, who also is co-owner of the Oakland Athletics.
Bloomberg states that "Maritz Wolff has cut its number of hotels to nine, including the Carlyle in Manhattan, from almost 50 a decade ago." The firm's acquisition of the Fairmont San Francisco was part of a purchase that also included other Fairmont hotels, including hotels in Dallas and New Orleans, Wolff told Bloomberg. Maritz Wolff disposed of the Dallas hotel in 2006 and the New Orleans property the following year.