As reported here, Houston billionaire Tilman Fertitta is acquiring the 258-room, cliffside luxury Montage Hotel in Laguna Beach, CA. The eye-popping $650 million price tag is believed to be one of the highest-valued hotel transactions ever in California. The casino magnate is probably best-known as the owner of the NBA’s Houston Rockets. The seller in the deal was China-based Dajia Insurance Group.
The Montage Laguna Beach Resort offers 30 acres of oceanfront property, with all rooms featuring Pacific Ocean views. If you’d like to spend a night at Montage, expect to pay between $1,200 and $11,000.
Fertitta, who owns 14 other hotel properties in the United States, has apparently been looking to buy Montage Laguna Beach for awhile. “I have been traveling to Laguna Beach for over 30 years. It is one of my favorite places to visit and one of the most beautiful areas in the world,” commented Fertitta.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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