Chicago-based Strategic Hotels & Resorts Inc. has bought the Montage Laguna Beach for $360 million, the Chicago-based hotel investor said on Thursday.
The 250-room, ocean-front resort traded hands for a little more than $1.4 million a room, one of the highest per-room prices ever seen for a California hotel.
Ohana Real Estate Investors LLC, an investment group funded by eBay founder Pierre Omidyar, was the seller.
Strategic Hotels & Resorts also owns the nearby Ritz-Carlton Laguna Niguel.
The Montage Laguna Beach is “a truly iconic luxury hotel located on one of the best resort settings in the continental United States,” Strategic Hotels chief executive Raymond Gellein said in a statement.
The deal is being funded with $100 million of common stock, and Strategic Hotels is assuming a $150 million mortgage as part of the transaction.
Irvine’s Montage Hotels & Resorts will continue to manage the resort.