The owner of the Montage Laguna Beach resort is looking to sell the 259-room luxury property in for $700 million, reports indicate.
China-based Dajia Insurance Group Co. took over the hotel from Strategic Hotels & Resorts in 2019 as part of its assumption of Anbang Insurance Group. Dajia is now looking to sell three of Strategic’s 15 luxury properties in the U.S. for a combined $1.3 billion, according to the Wall Street Journal.
Dajia anticipates the Montage will sell for $2.8 million a key, which would mark a record price for Orange County, and the state.
It last sold in 2015 for a reported $360 million.
The 30-acre beachfront property in Laguna Beach is managed by Irvine-based hotelier Montage International.
Wall Street reports that Dajia, who was originally looking to sell the entire Strategic portfolio in 2019, is reacting to pent up demand and the post-pandemic boom of leisure travel.