Woodridge Capital Partners has acquired the Stanford Court Hotel in the Nob Hill section of San Francisco for an undisclosed price reports GlobeSt. It is the third hotel the group now has an interest in in the area, including the Fairmont San Francisco, which was acquired in May 2012, and the Mark Hopkins, purchased in 2014.
The latter two were acquired in partnership with Oaktree Capital Management.
GlobeSt.com reports that the seller of the Stanford Court was Westbrook Partners, a New York-based REIT, which purchased the hotel in 2011 for $21 million.
The 393-room hotel underwent a $33-million renovation that was completed in 2008 to update the rooms and common areas. Woodridge plans further renovations in excess of $10 million, it told GlobeSt.
Michael Rosenfeld, CEO of Woodridge, told GlobeSt.: “We are honored to have the opportunity to continue to invest in San Francisco with its rich history. This is the perfect assemblage of three of the world’s finest hotels in an incomparable location. We continue to see San Francisco as an incredibly strong luxury-hotel market with tremendous appeal for business travelers, conventions and leisure visitors.”