SAN FRANCISCO-The Mark Hopkins Hotel at One Nob Hill is being acquired by a partnership between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P. for $120 million.

The world-renowned hotel is being purchased from InterContinental Hotels Group PLC who will continue to manage the property. Oaktree and Woodridge plan to invest $20 million in hotel renovations to the guest rooms and public spaces.

The 383-room Mark Hopkins opened on Dec. 4, 1926 on the site of railroad magnate Mark Hopkins’ 40-room mansion. Hopkins was one of the founders of the Central Pacific Railroad that built the railway that linked the United States coasts. The Mark Hopkins has hosted numerous U.S. presidents, world leaders, movie stars and business tycoons.

Michael Rosenfeld, CEO of Woodridge Capital said, “We are thrilled to add the Mark Hopkins San Francisco Hotel to our holdings further reinforcing our relationship with the great city of San Francisco. We are committed to enhancing the value of this prized asset.”

Oaktree and Woodridge also own the historic Fairmont San Francisco across from the Mark Hopkins that they purchased in May 2012.   With close to 1,000 rooms, the Mark Hopkins and Fairmont sit atop the crest of Nob Hill and overlook San Francisco’s most acclaimed views, just minutes from the city’s financial and shopping districts and the only spot in San Francisco where  the city’s cable car lines meet.

John Brady, Global Head of Real Estate for Oaktree, stated, “Through a strong partnership with hotel employees and numerous city constituencies, we’re excited about the future of the San Francisco luxury hospitality market, and owning both iconic assets on top of Nob Hill, the Mark Hopkins and the Fairmont across the street.”

Designed by San Francisco firm Weeks and Day, the 19-story hotel features a French chateau style exterior with ornate terra cotta Spanish ornamentation.  A central tower with two outstretched wings features the glass walled Top of the Mark lounge on the 19th floor with 360-degree views of San Francisco’s most breathtaking sights.  It was legendary during World War II as the last stop for Pacific bound soldiers and their first stop on returning home.

The Mark Hopkins has 19,000 square feet of meeting rooms including the renowned Room of the Dons that features nine seven-foot murals of early California history.  The celebrated Peacock Court ballroom is one of the city’s most dramatic venues. The hotel was designated a historic landmark in 1987.