SAN FRANCISCO The Fairmont San Francisco hotel is being put up for sale by its owner, Maritz, Wolff & Co.
There will be no asking price for the 591-key luxury property, Bloomberg News reports. Atlanta-based brokerage Hodges Ward Elliott Inc. has been tapped to market the property. Maritz Wolff owns a 50% stake in the hotel, with Saudi Prince Alwaleed controlling the other half.
The sale comes after Maritz Wolff failed to gain permission from San Francisco officials to convert a portion of the hotel into residential condominiums. "Our desire to improve this Nob Hill property did not materialize as we had hoped, and we are confident that perhaps a different ownership will be able to implement the improvements at the hotel, which we think will be beneficial to the city of San Francisco," Wolff tells Bloomberg.
There will be no asking price for the 591-key luxury property, Bloomberg News reports. Atlanta-based brokerage Hodges Ward Elliott Inc. has been tapped to market the property. Maritz Wolff owns a 50% stake in the hotel, with Saudi Prince Alwaleed controlling the other half.
The sale comes after Maritz Wolff failed to gain permission from San Francisco officials to convert a portion of the hotel into residential condominiums. "Our desire to improve this Nob Hill property did not materialize as we had hoped, and we are confident that perhaps a different ownership will be able to implement the improvements at the hotel, which we think will be beneficial to the city of San Francisco," Wolff tells Bloomberg.