Billionaire Tilman Fertitta is nearing a deal to acquire the Montage Laguna Beach for $650 million, which would mark a record hotel sale for Orange County.
A Bloomberg report indicates the businessman will pay north of $2.5 million per key for the 259-room luxury hotel from China-based Dajia Insurance Group, which is looking to sell the Montage along with two other U.S. hotel properties it acquired as part of its 2019 takeover of Anbang Insurance Group.
Fertitta, among other holdings, owns the Houston Rockets and hospitality and dining company Landry’s Inc., whose portfolio includes several OC properties. He’s invested in Wynn Resorts and other hotel projects in Las Vegas, according to local reports.
The acquisition would mark the latest Laguna Beach investment from the Fertitta family; Fertitta’s cousins, Frank Fertitta III and Lorenzo, earlier this year were reported to have spent $43 million for an estate in Emerald Bay, where they already have a secondary residence.