The Wall Street Journal reported a possible Montage sale without naming a buyer and put the price tag near $700 million. The Montage is a stunning oceanfront property and one of the premier hotel brands in the World.Is the Montage Laguna Beach luxury resort about to get a new owner?īloomberg News reports billionaire Tilman Fertitta is close to acquiring the 250-room oceanview hotel in Orange County for about $650 million, according to people with knowledge of the matter who asked not to be identified because the discussions are private. It is one of my favorite places to visit and one of the most beautiful areas in the World. "I have been traveling to Laguna Beach for over 30 years. "I am truly thrilled to acquire this world-renowned property and add one of America's most iconic trophy resorts to our luxury hotel portfolio," said Fertitta in a news release Monday. Irvine-based hotelier Montage International will manage the hotel. The resort last sold for $360 million, according to commercial real estate data site Reonomy. The resort features two pools, direct beach access, a fine art collection, a state-of-the-art fitness center, a spa and high-end dining. ![]() The resort is one of only six hotel properties to receive Forbes' Triple Five-Star rating. The 30-acre hotel and resort sits on the coastline in Laguna Beach and overlooks the Pacific Ocean. Coast Highway is one of Orange County's trophy resorts. Fertitta also owns the Post Oak Hotel in Houston, the San Luis Resort in Galveston, Texas, the Huntting Inn in New York, and five Golden Nugget Casinos and Hotels. ![]() The Montage Laguna Beach (Courtesy the Montage)įertitta, who owns 14 other hotels, adds to his growing luxury hotel portfolio. Dajia sued to complete the deal, but a Delaware judge sided with Mirae last year. However, Mirae backed out, citing the pandemic's effects on the hotel business. in a $5.8 billion deal that was set to close a month after the coronavirus pandemic hit in 2020. luxury hotels to South Korea-based Mirae Global Asset Investment Co. In 2019, Dajia had initially agreed to sell the Montage Laguna Beach, the Ritz Carlton Half Moon Bay, and other U.S. "It shows how strong the market is for Orange County coastal trophy hotels."Ĭhina-based Dajia Insurance Group Co., formerly Anbang Insurance Group, has been trying to unload the Montage Laguna Beach and other high-end resorts in their portfolio for several years. "This would make it the second-highest price per room ever paid in California as well as the second-highest price ever paid for a hotel in California," said Reay to Spectrum News. ![]() In 2014, Strategic Hotels purchased the 757-room Hotel del Coronado from Blackstone & KSL Resorts for $787 million. The Montage Laguna Beach is only one of six hotels and resort properties in the nation to receive Forbes' Triple Five-Star ratingįertitta didn't disclose the sale price, but a Bloomberg story broke the initial news last week and reported that the multi-billionaire shelled out more than $650 million for the five-star 260-room resort.Īt a reported $650 million, the acquisition price would be the second highest-priced hotel sold in California, said Alan Reay, the president at Atlas Hospitality Group, an Orange County-based hotel brokerage firm.China-based Dajia Insurance Group had been trying to sell the Montage and other high-end hotels in their portfolio since 2019.Fertitta adds to his growing list of luxury hotel properties across the U.S.Multi-billionaire and NBA Houston Rockets owner Tilman Fertitta purchased the five-star Montage Laguna Beach for a reported $650 million.
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