SAN FRANCISCO: Mark Hopkins' New Owner, Look
The 383-room Mark Hopkins recently traded to a JV between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management, and we've got their new game plan for the iconic S.F. hotel. (We were gonna get them through espionage, but then they just told us.) Above, Boston Properties' Helen Duong celebrated her last meeting as CREW San Francisco prez at the hotel in December; now the new owners have promised to pump $20M into upgrades—one industry source says that's enough to reposition the 1920s property back to a higher-end hotel. (It will make the ghosts happy as well.)
Seller IHG will continue to manage the hotel under a long-term management contract, which means it'll have a hand in the redesign process. We hear the first line of changes could include upgrades to public spaces and guest rooms. The Top of the Mark—a popular stomping ground for tourists and locals alike with some 100 martinis to try (we volunteer to test them all)—could also get a makeover, we hear. The sale is on par with its ongoing strategy to be "asset light," IHG spokeswoman Suzette Meade told us. Last year the company sold the InterContinental London Park Lane and is selling most of its interest in the InterContinental New York Barclay, expected to close in March.