Two luxury hotels in Orange County – the Montage Laguna Beach in Laguna Beach and the Ritz-Carlton Laguna Niguel in Dana Point—have a new China-based owner.
Montage Hotels & Resorts LLC in Irvine said a real estate fund affiliated with Ares Management LP in Los Angeles will buy up to 20% of the hospitality manager and, in addition, commit "up to $200 million" to acquire and develop properties which Montage would operate.
The owner of the Ritz-Carlton Laguna Niguel in Dana Point and the Montage Laguna Beach will be sold to real estate investor Blackstone Group LP in New York City for $6 billion in a cash-and-debt deal expected to close in early 2016.
Eleven Orange County hotels sold for a total of $749 million in the first half of 2015, according to Irvine-based Atlas Hospitality Group's mid-year survey of hotel sales.
The number of hotels sold in Orange County more than doubled and their dollar value increased five-fold in 2014 compared with a year earlier, according to Irvine-based hospitality consultant Atlas Hospitality Group.
Chicago-based Strategic Hotels & Resorts Inc. has bought the Montage Laguna Beach for $360 million, the Chicago-based hotel investor said on Thursday.
Strategic Hotels & Resorts Inc. has bought the Montage Laguna Beach for $360 million, the Chicago-based hotel investor said on Thursday.
Several Orange County properties received nods in the most recent round of travel surveys.