The world-renowned Fairmont San Francisco Hotel atop Nob Hill has been sold for nearly $200 million to a consortium led by an affiliate of Oaktree Capital Management LP and real estate investor Michael Rosenfeld and his Woodridge Capital Partners LLC. The hotel was purchased from Maritz, Wolff & Co., which acquired its investment in the hotel in 1998 in partnership with Kingdom Holding, which is retaining its interest. Fairmont Hotels & Resorts, based in Toronto, Canada, will continue to manage the hotel.

The Fairmont San Francisco opened in 1907. The Beaux Arts-style building was designed by New York architectural firm McKim, Mead & White and Julia Morgan, the designer of Hearst Castle. Over its 105-year history, it has been home to many “firsts,” from the drafting of the United Nations Charter to Tony Bennett’s premier of the song “I Left My Heart in San Francisco." The Fairmont was home to America’s first concierge and has served as the San Francisco residence for U.S. presidents, world leaders and entertainment stars.

“We look forward to joining Oaktree’s significant real estate experience and an investor base that includes prominent public and corporate pension funds together with longstanding relationships with Woodridge, Fairmont Hotels and Resorts, Kingdom Holding and our new partners—the hotel’s outstanding employees and the City of San Francisco, one of the truly great cities of the world,” John Brady, head of global real estate for Oaktree Capital Management, said in a statement.

With 591 guest rooms and suites and over 55,000 sq. ft. of conference and function space, the hotel is renowned for its three restaurants and lounges, including the Tonga Room & Hurricane Bar with its thunderstorms and floating stage. Its location at 950 Mason Street atop Nob Hill offers spectacular views of the city and the Bay, and is the only spot in San Francisco where each of the city’s cable car lines meet.

Michael Rosenfeld, real estate investor and founder of Woodridge Capital Partners, said in a statement: “The Fairmont San Francisco hotel’s rich history, elegance and beauty make it a one-of-a-kind property that cannot be replicated today. We are excited to be in such a distinguished partnership with a property that symbolizes the great City of San Francisco.”