THE BUZZ: Sumptuous seaside hotel sells for record-shattering USD360m

An exceedingly opulent seaside resort in Southern California has sold for an eye-popping USD360 million. That price tag for the Montage Laguna Beach — which comes to $1.4 million per room — “shattered the price barrier for California hotels by a wide margin,” hotel consultant Alan Reay of Atlas Hospitality told the Los Angeles Times (http://lat.ms/1LrB4t2) on Friday.
Only the Four Seasons Resort Hualalai in Hawaii and the Waldorf Astoria in New York sold for more per room in the U.S. The historic Hotel Coronado in San Diego County sold for more than $1 million per room. Chicago real estate investment trust Strategic Hotels and Resorts Inc. bought the Montage from Ohana Real Estate Investors of Redwood City. Montage Hotels & Resorts will stay on as operator.