Billionaire Tilman Fertitta has bought the 260-room Montage Laguna Beach for $650 million, records indicate, marking a landmark hotel sale for the region.
The businessman paid north of $2.5 million per key for the 259-room luxury hotel from China-based Dajia Insurance Group, the second priciest hotel sale on record for California.
Fertitta confirmed the acquisition in a Monday press release, in which he called Laguna Beach “one of my favorite places to visit and one of the most beautiful areas in the world.”
Fertitta now owns 16 hotels in the country, as well as the Houston Rockets and hospitality and dining company Landry’s Inc., whose portfolio includes several OC properties. He owns and operates more than 60 brands totaling more than 600 concepts nationwide.
“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,” Fertitta said. “The Montage is a stunning oceanfront property and one of the premier hotel brands in the world.”
“We are thrilled that Tilman is the new owner of this one- of- a- kind property and welcome him into the Montage family,” Montage CEO and Founder Alan Fuerstman said in the press release.
For more on the acquisition, see the Nov. 21 Business Journal print edition.