Strategic Hotels & Resorts, Inc., whose properties include the Hotel Del Coronado and Ritz-Carlton, Laguna Niguel, acquired the 250-room Montage Laguna Beach for $360.0 million, the company said in a statement Thursday.
At a sale price of $1.4 million a room, the deal puts Montage on par with the Waldorf Astoria, sold for $1.95 billion last October or $1.4 million a room.
The seller is an affiliate of Ohana Real Estate Investors LLC, controlled by Ebay founder Pierre Omidyar. There was no word about Ohana’s other Montage properties in Beverly Hills, Deer Valley or Maravilla Los Cabos.
Montage Hotels & Resorts will continue to manage the resort, which opened in 2003 and features 250 guestrooms and three restaurants on a 30-acre bluff top overlooking the Pacific Ocean, the statement says.
Alan Fuerstman, founder and chief executive of Montage Hotels & Resorts, in
a statement described Strategic Hotels as one of the industry’s leading luxury hotel owners that shares Montage’s commitment to a top-flight guest experience. The Chicago-based company owns 18 hotel properties with of 8,325 rooms.
“The opportunity to acquire a hotel of this prominence is exceptionally rare and we are delighted to work with the team at Ohana on this transaction as well as beginning what we believe will be a long and successful partnership with Montage,” Raymond L. “Rip” Gellein, Strategic Hotels chairman said in a statement
[…] for coastal resorts, but still far lower than larger upscale properties like the Montage, which sold last year at a record $1.4 million per room, comparable to the Waldorf Astoria in New York […]
[…] Hotels & Resorts purchased Montage in 2015 for $360 million, but before the year was out sold itself to the New York private […]