Oaktree Capital Management and Woodridge Capital Partners has sold the Fairmont San Francisco hotel to Mirae Asset Global Investments for $450m.

The selling group also includes Kingdom Holding Company (KHC).

Under a long term management agreement, Fairmont Hotels & Resorts will continue to operate the hotel. The firm owns more than 70 hotels globally.

Woodridge Capital Partners CEO Rosenfeld was reported by Business Times as saying that: "The hotel market in San Francisco is the best in the country, and we believe there will be continued growth in that sector, due to all the continuing activity in the city (and) scarcity of supply for further hotel inventory."

Established in 1907, the Fairmont San Francisco is a Beaux Arts-style building designed by New York architectural firm McKim, Mead & White and Julia Morgan.

"The hotel market in San Francisco is the best in the country."

The 592-room hotel offers more than 55,000ft² of conference and function space, three restaurants and lounges.

Located at 950 Mason Street atop Nob Hill, the hotel offers views of the city and the San Francisco bay. It has hosted several US presidents, world leaders and celebrities since its opening.

Oaktree and Woodridge has undertaken a comprehensive renovation plan for the hotel after acquiring it in May 2012.

The selling group members also own two other Nob Hill hotels, including the Mark Hopkins and the Stanford Court.

Image: The Fairmont San Francisco hotel in California, US. Photo: courtesy of Bobak Ha’Eri/Wikipedia.