Strategic Hotels has paid USD360m for the 250 room Montage Laguna Beach hotel in California. It will continue to be run by Montage Hotels & Resorts as a Forbes Five-Star resort.
Strategic part funded the purchase by issuing USD100m of new shares to an affiliate of the seller. The company also took over the property’s existing mortgage, which runs to 2021 at a fixed rate of 3.9%.
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