The owners hope to cash in while the demand for vacation accommodations is still high.
The Montage Laguna Beach opened its doors in 2003, instantly becoming a premiere Laguna Beach accommodation for vacationers. When it was sold in 2015 to Strategic Hotels & Resorts, it was at the time, a record-breaking price of $360 million. Now it’s back on the market again for a whopping $700 million.
The 258-room facility spans 30 acres on a 50 foot bluff overlooking the Pacific Ocean. It boasts two pools, three restaurants, and a 20,000 square-ft spa. It emotes luxury with its manicured grounds, ocean views and green spaces.
The property is currently owned by the Chinese government’s Dajia Insurance Group Co.
Dajia is pushing to sell the property while the demand for high-end accommodations like Montage Laguna Beach is still rapidly rising. The sale is not without its challenges though, as interested buyers with an eye on increasing interest rates may find financing too expensive to consider.
Still, properties along Orange County’s coast appreciate well over time. It may be the saving grace in a tough capital market where uncertainty and the rising interest rate makes it difficult to procure financing.
The Montage Laguna has changed hands a number of times, from Strategic Hotels & Resorts to Anbang acquisition, to Dajia when the Chinese government took over Anbang and placed it into Dajia’s portfolio.
