If the $650 million price is correct, the Montage will sell for the second highest price per room ever paid in California, says hotel analyst Alan Reay, president of Atlas Hospitality Group. Plus, Fertitta recently reported holding a 6.2% stake in Wynn Resorts Ltd., the operator of hotels and casinos in Las Vegas and Macau.
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He also owns pro basketball’s Houston Rockets. Dajia officials did not respond to a request for comment.įertitta, who built his fortune from the restaurant company Landry’s, also owns hotels including multiple Golden Nugget casinos and the upscale Post Oak Hotel in Houston.
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A representative for Fertitta declined to comment. Montage Mountain provides 27 trails ranging from beginner to expert, 7 ski lifts, valley views, and full mountain night skiing. DISCOVER COASTAL CAROLINA Nestled along the scenic May River in South Carolina’s Lowcountry, Montage Palmetto Bluff is set within a vibrant 20,000-acre community between Hilton Head Island and Savannah. The group is shedding much of its hotel portfolio including the Orange County resort. The seller is China’s Dajia Insurance Group Co., which took over most of the operations of Anbang Insurance Group Co. The Wall Street Journal reported a possible Montage sale without naming a buyer and put the price tag near $700 million.
While transactions as a whole are expected to continue at a slower pace, California still reported the second highest number of sales on record and the third highest in terms of dollar volume, according to the report.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. However, the median price per room did increase during 2022 by about 12.7 percent to a new California record at $143,443 per room. At the same time, total dollar volume fell by 33.6 percent. According to Atlas Hospitality Group’s 2022 Mid-Year California Hotel Sales Survey, individual hotel sales declined by 9.9 percent across the state. A year later, Anbang Insurance Group purchased this organization and the 15 hotel properties it owned across the United States.ĭespite Reay’s thoughts on this hotel’s ability to attract interest, the hotel industry throughout California has seen an overall decline in sales when compared to 2021. Montage Laguna Beach was purchased in 2015 by Chicago-based Strategic Hotels & Resorts for $360 million from Ohana Real Estate Investors. The hotel was renovated in 2019, and it employs around 600 professionals. It sits on a 30-acre beach parcel that also includes two pools, a 20,000-square-foot spa and three restaurants.
The hotel, which is operated by Irvine-based Montage International, opened as a flagship Montage property in 2003. This appraisal came in at $521 million, and it was based on a refinancing of the property that secured a $340 million loan. I could easily see an increase of 20 to 30 percent from last year’s appraisal.” With where the market is now, the value would be up exponentially. “That figure was based on the trailing 12-month financials.
Designed to serve affluent travelers and homeowners. This is a trophy asset with irreplaceable real estate,” said Reay. Montage Hotels & Resorts is a hotel and resort management company founded in 2002 by Alan Fuerstman. The Orange County Business Journal reported that Alan Reay, president of Irvine-based hotel brokerage Atlas Hospitality Group believes there is a market for this asset. Industry sources, at the time, believed that the pricing on the hotel property in Laguna Beach could be achieved. The property was previously placed on the market in October with guidance pricing at upwards of $700 million. The China Insurance Security Fund had offered to sell 98.78 percent of Beijing-based Dajia on the Beijing Financial Assets Exchange for 33.57 billion yuan (US$5.18 billion), according to the report. In July of 2021, The South China Morning Post reported that Chinese regulators were putting Dajia Insurance Group up for auction. hotels that it attained as part of its takeover of Anbang Insurance Group in 2019. The seller is Chinese insurance company Dajia Insurance Group, which is liquidating this asset along with two other U.S. Tilman Fertitta – an entrepreneur and owner of Landry’s and the Houston Rockets – bought the hotel. According to public records, the 259-room Montage Laguna Beach, located at 30801 South Coast Highway, sold for $641 million, or about $2.47 million, in a deal that closed Nov. One of the most remarkable hotels in Southern California has just sold, testing the market’s appetite for luxury assets along the Southern California coast.
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