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Friday, Dec 2, 2022
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Montage Laguna Beach Up for Sale

Chinese parent company asking for $700M

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.

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