{"id":243050,"date":"2022-11-14T16:48:41","date_gmt":"2022-11-14T22:48:41","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=243050"},"modified":"2022-11-14T19:15:53","modified_gmt":"2022-11-15T01:15:53","slug":"tilman-fertitta-adds-californias-most-expensive-hotel-to-his-monopoly-board","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/tilman-fertitta-adds-californias-most-expensive-hotel-to-his-monopoly-board\/","title":{"rendered":"Tilman Fertitta Adds California’s Most Expensive Hotel to His Monopoly Board"},"content":{"rendered":"

Even with construction on his new Las Vegas Strip resort moving forward<\/a> \u2013 and a speculated takeover bid of Wynn Resorts<\/a> in the works \u2013 billionaire Tilman Fertitta still had $650 million lying around to buy the most expensive Southern California hotel ever sold.<\/p>\n

On Monday, Fertitta announced via a news release that the Montage Laguna Beach \u2013 which sits on 30 oceanfront Southern California acres \u2013 is now his. The Orange County Business Journal <\/em>reports that Fertitta paid $650 million to China-based Dajia Insurance Group for the property. This ties the record high price per hotel room in California ($2.5 million) set last year by the sale of the Alila Ventana Inn & Spa in Big Sur.<\/p>\n

\"Montage
Thanks to Tilman Fertitta, the Montage Laguna Beach resort has tied the record ($2.5 million per room) for most expensive hotel sale in California history. (Image: montagehotels.com)<\/figcaption><\/figure>\n

Fertitta, owner and CEO of Houston-based Fertitta Entertainment, called the 259-room hotel \u201cone of America\u2019s most iconic trophy resorts\u201d in his news release, which noted that its features include a 20,000 square-foot spa, two pools, a fine art collection, and more than 20,000 square feet of indoor and outdoor meeting space.<\/p>\n

\u201cI have been traveling to Laguna Beach for over 30 years,\u201d Fertitta said. \u201cIt is one of my favorite places to visit and one of the most beautiful areas in the world.\u201d<\/p>\n

The Montage opened in 2003, and in 2015 was purchased by Strategic Hotels for $360 million \u2013 which at $1.39 million was then California’s highest price paid per hotel room \u2013 according to the Orange County Register.<\/em><\/p>\n

Strategic sold itself to New York-based Blackstone, which then sold Montage and other Strategic hotels to Anbang in 2016. Dajia took over the properties during a restructuring of Anbang by the Chinese government.<\/p>\n

Fertitta 101<\/h2>\n

Fertitta \u2013 who is the third cousin of Station Casinos founders Frank and Lorenzo Fertitta \u2013 is one of the country\u2019s most recognizable casino owners. He also owns Golden Nugget casinos in Nevada, Louisiana, Mississippi, and New Jersey. He bought the NBA\u2019s Houston Rockets for $2.2 billion in 2017. And his hospitality empire includes dozens of restaurant brands under his Landry\u2019s corporation. Forbes recently estimated his worth at about $8 billion.<\/p>\n

\u201cWe are thrilled that Tilman is the new owner of this one-of-a-kind property and welcome him into the Montage family,\u201d Montage CEO and Founder Alan Fuerstman said in the press release.<\/p>\n

In October, the Clark County Commission approved Fertitta\u2019s plans<\/a> to build his own 43-story, 2,420-room casino hotel on the Las Vegas Strip. It is currently under construction on six acres Fertitta purchased in June for $270 million at the corner of Las Vegas Boulevard and Harmon Avenue.<\/p>\n

Fertitta is also one of the largest shareholders in Las Vegas casino operator Wynn Resorts Ltd. A Schedule 13G filing with the Securities and Exchange Commission (SEC) indicates that\u00a0Fertitta Entertainment<\/a>, Fertitta himself, and another entity purchased 6.91 million shares of Wynn, equivalent to 6.1% of the casino operator\u2019s shares outstanding, in October. This has led to speculation that Fertitta plans an eventual takeover bid for the company.<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Even with construction on his new Las Vegas Strip resort moving forward \u2013 and a speculated takeover bid of Wynn Resorts in the works \u2013 billionaire Tilman Fertitta still had $650 million lying around to buy the most expensive Southern California hotel ever sold. On Monday, Fertitta announced via a news release that the Montage […]<\/p>\n","protected":false},"author":78,"featured_media":243051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886],"tags":[83705,82055,81516,82056,81941],"acf":[],"yoast_head":"\nTilman Fertitta Adds California's Most Expensive Hotel to His Monopoly Board - Casino.org<\/title>\n<meta name=\"description\" content=\"Even with construction on his new Las Vegas Strip resort moving forward \u2013 and a speculated takeover bid of Wynn Resorts in the works \u2013 billionaire Tilman\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/tilman-fertitta-adds-californias-most-expensive-hotel-to-his-monopoly-board\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tilman Fertitta Adds California's Most Expensive Hotel to His Monopoly Board - 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