Report: Korean Asset Manager in Talks to Buy Fairmont Hotel for $450M
One of the largest financial services firms in Korea is in talks to purchase the Fairmont Hotel in San Francisco. South Korea-based Mirae Asset would purchase the hotel for $450M, placing the value of each room at just over $760k.
The firm is reportedly ready to close within a month and has signed an MOU with current ownership. Woodbridge Capital Partners and Oaktree Capital Management purchased the hotel in May 2012 for $200M plus $20M in renovations.