However, the median price per room did increase during 2022 by about 12.7 percent to a new California record at $143,443 per room. At the same time, total dollar volume fell by 33.6 percent. According to Atlas Hospitality Group’s 2022 Mid-Year California Hotel Sales Survey, individual hotel sales declined by 9.9 percent across the state. A year later, Anbang Insurance Group purchased this organization and the 15 hotel properties it owned across the United States.ĭespite Reay’s thoughts on this hotel’s ability to attract interest, the hotel industry throughout California has seen an overall decline in sales when compared to 2021. Montage Laguna Beach was purchased in 2015 by Chicago-based Strategic Hotels & Resorts for $360 million from Ohana Real Estate Investors. The hotel was renovated in 2019, and it employs around 600 professionals. It sits on a 30-acre beach parcel that also includes two pools, a 20,000-square-foot spa and three restaurants. The hotel, which is operated by Irvine-based Montage International, opened as a flagship Montage property in 2003.

This appraisal came in at $521 million, and it was based on a refinancing of the property that secured a $340 million loan.

I could easily see an increase of 20 to 30 percent from last year’s appraisal.” With where the market is now, the value would be up exponentially. “That figure was based on the trailing 12-month financials. This is a trophy asset with irreplaceable real estate,” said Reay. The Orange County Business Journal reported that Alan Reay, president of Irvine-based hotel brokerage Atlas Hospitality Group believes there is a market for this asset. Industry sources, at the time, believed that the pricing on the hotel property in Laguna Beach could be achieved. The property was previously placed on the market in October with guidance pricing at upwards of $700 million. The China Insurance Security Fund had offered to sell 98.78 percent of Beijing-based Dajia on the Beijing Financial Assets Exchange for 33.57 billion yuan (US$5.18 billion), according to the report. In July of 2021, The South China Morning Post reported that Chinese regulators were putting Dajia Insurance Group up for auction. hotels that it attained as part of its takeover of Anbang Insurance Group in 2019. The seller is Chinese insurance company Dajia Insurance Group, which is liquidating this asset along with two other U.S. Furnished View All Available Residences COVETED EMPIRE PASS LOCATION Experience Deer Valley like never before. Tilman Fertitta – an entrepreneur and owner of Landry’s and the Houston Rockets – bought the hotel. Residence 1021 6,200,000 3 Beds 3 Baths 2,770 Sq. With a beachfront location, sun loungers, and beach umbrellas, this hotel is the perfect place to soak up some sun. Take advantage of 18 holes of golf, a roundtrip airport shuttle, and a poolside bar at Montage Laguna Beach. According to public records, the 259-room Montage Laguna Beach, located at 30801 South Coast Highway, sold for $641 million, or about $2.47 million, in a deal that closed Nov. 5-star luxury hotel revitalized in 2019 and located in South Laguna. Pendry has garnered great response from the start, showing Montage International’s acumen in delivering luxury offerings in the market context.One of the most remarkable hotels in Southern California has just sold, testing the market’s appetite for luxury assets along the Southern California coast. Recognizing an emerging segment in the luxury market, in 2015 Montage launched Pendry Hotels & Resorts – a new luxury brand that allows for growth while preserving brand integrity. Guests and owners benefit from this discipline each new property will belong to an exclusive collection of hotels and resorts that deliver a consistent, undiluted ultra-luxury experience at the apex of the market. Only a limited number of locations worldwide can support the ultra-luxury positioning and rate required to successfully execute the Montage brand, so we are defined as much by our restraint as we are by our current portfolio. We consider not only how Montage and Pendry are expressed via the guest experience, but also where each hotel is located – and perhaps more importantly, where they are not located. Montage Hotels & Resorts and Pendry Hotels & Resorts present a set of beautifully articulated hotel collections with specific development strategies that strengthen both brands. Lodging at Montage Mountain Resorts Book Your Room Today IT'S WHERE YOU RELAX preferred lodging partner Come for the fun, stay for the experience The Hilton conference center hotel is our preferred lodging partner for the 2022-2023 season.

Montage resorts