(Updates with comment from co-owner in fourth paragraph.)
June 14 (Bloomberg) -- The Fairmont San Francisco hotel, a 591-room luxury property in the city’s Nob Hill neighborhood, is being put up for sale, said Heather Turner, vice president of acquisitions at Maritz, Wolff & Co., its co-owner.
The lodging investor today hired Hodges Ward Elliott Inc., an Atlanta-based brokerage, to market the property in the next several months, Turner said. The listing won’t have an asking price, she said. Maritz Wolff owns 50 percent of the hotel, with Saudi billionaire Prince Alwaleed bin Talal holding the rest.
The Los Angeles-based hotel company, founded in 1994 by Lew Wolff and Philip “Flip” Maritz, has been unable to get city permission to convert a portion of the hotel into a residential tower. Flip Maritz said in April that Maritz Wolff was considering selling the property, in which the company acquired its stake in 1998.
“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, also co-owner of the Oakland Athletics baseball team, said today in a telephone interview.
Maritz Wolff has cut its number of hotels to nine, including the Carlyle in Manhattan, from almost 50 a decade ago. The closely held company said in April it’s seeking to return $500 million to investors in the next four years.
The firm’s acquisition of the Fairmont San Francisco was part of a purchase that included several other Fairmont hotels, including properties in Dallas and New Orleans, Wolff said. Maritz Wolff sold the Dallas hotel in 2006 and the one in New Orleans the following year, according to the company’s website.
--Editors: Daniel Taub, Christine Maurus
To contact the reporter on this story: Nadja Brandt in Los Angeles at firstname.lastname@example.org
To contact the editor responsible for this story: Kara Wetzel at email@example.com