With expression on his unexampled Las Vegas Strip resort hotel moving forward – and a speculated takeover beseech of Wynn Resorts inwards the deeds – billionaire Tilman Fertitta ease had $650 million lying around to purchase the to the highest degree expensive Southern Golden State hotel ever so sold.

On Monday, Fertitta announced via a tidings free that the Montage Laguna Beach – which sits on 30 oceanfront Southern CA acres – is at present his.  The Orange County Business Journal reports that Fertitta paid $650 trillion to China-based Dajia Insurance Group for the property. This ties the enter richly terms per hotel room inward Calif. ($2.5 million) localise lastly year past the sales agreement of the Alila Ventana Inn & Spa inwards Big Sur.

Fertitta, owner and CEO of Houston-based Fertitta Entertainment, called the 259-room hotel “one of America’s to the highest degree iconic prize resorts” inwards a tidings release, which noted that its features include a 20,000 square-foot spa, ii pools, a amercement artistic production collection, and to a greater extent than 20,000 square up feet of indoor and outdoor coming together space.

“I hold been traveling to Laguna Beach for over 30 years,” Fertitta said. “It is ane of my favorite places to call in and i of the most beautiful areas in the world.”

The Montage opened inward 2003, and inward 2015 was purchased by Strategic Hotels for $360 gazillion – which at $1.39 zillion was and then California’s highest terms paid per hotel room – according to the Orange County Register.

Strategic sold itself to New York-based Blackstone, which and so sold Montage and other Strategic hotels to Anbang, in 2016. Dajia took o'er the properties during a restructuring of Anbang by the Chinese government.

Fertitta 101

Fertitta – who is the thirdly full cousin of Station Casinos founders Frank and Lorenzo Fertitta – is I of the country’s most recognisable casino owners. He also owns Golden Nugget casinos inward Nevada, Louisiana, Mississippi, and New Jersey. He bought the NBA’s Houston Rockets for $2.2 1000000000 inwards 2017. And his hospitality empire includes dozens of eating house brands under his Landry’s corporation. Forbes recently estimated his worth at well-nigh $8 billion.

“We are thrilled that Tilman is the new proprietor of this one- of- a-kind attribute and receive him into the Montage family,” Montage CEO and Founder Alan Fuerstman said inward the pressing release.

In October, the Charles Joseph Clark County Commission approved Fertitta’s plans to build his possess 43-story, 2,420-room casino hotel on the Las Vegas Strip. It is currently below grammatical construction on 6 acres Fertitta purchased in June for $270 gazillion at the turning point of Las Vegas Boulevard and Harmon Avenue.

Fertitta is also one of the largest shareholders in Las Vegas gambling casino operator Wynn Resorts Ltd. a Schedule 13G filing with the Securities and Exchange Commission (SEC) indicates that Fertitta Entertainment, Fertitta himself, and another entity purchased 6.91 billion shares of Wynn, combining weight to 6.1% of the cassino operator’s shares outstanding, in October. This has led to conjecture that Fertitta plans an eventual takeover beseech for the company.

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