Seoul-based investors buys San Francisco hotel
Seoul-based Mirae Asset Financial has acquired the 591-room Fairmont San Francisco, a hotel located at 950 Mason St., for $450 million. The sellers were Woodridge Capital Partners, Oaktree Capital Management and Saudi Arabia–based Kingdom Holding Co.
The acquisition follows Mirae’s U.S. purchases of two office buildings located at 1750 K St. and 1801 K St. N.W. in Washington, D.C., for $115 million and $460 million, respectively, and the Fairmont Orchid hotel in Kamuela, Hawaii, for $225 million.
The U.S. lodging industry continues to perform at a historically high level, achieving all-time records in second quarter 2015, according to CBRE. As of June 2015, U.S. hotels achieved all-time record levels of occupancy, average daily rate, revenue per available room, rooms sold and room revenue, according to Smith Travel Research. Urban, airport and suburban hotels have all reached or exceeded their previous mid-1990s highs in occupancy.