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.
This deal will mark the second between Mirae and the hotel owners in the past year. The firm purchased the Fairmont Orchid Hotel in Hawaii in May from Woodbridge and Oaktree for $200M. [TR]