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Wednesday, Feb 1, 2023
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Montage LB Sells for $360M

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.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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