Alwaleed sells San Francisco Fairmont for US$200m

Prince Alwaleed Bin Talal's Kingdom Holding Company, sold the Fairmont San Francisco Hotel for about US$200m to a group of companies led by an affiliate of Oaktree Capital Management and real estate investor Michael Rosenfeld and his Woodridge Capital Partners. KHC said it retained a 28 percent stake in the 591-room hotel which will continue to be managed by the Canadian-based Fairmont Hotels & Resorts. KHC owns a stake of 35 percent in Fairmont Hotels and Resorts. In 2006, KHC and Colony completed the acquisition of Fairmont Hotels and Resorts which was combined with the Raffles Hotels Group. From Arabian Business