![]() Finance for the purchase of the group was provided by Anglo Irish Bank. ![]() As the three remaining hotels were in a very poor state of repair, one of the investors, Paddy McKillen, immediately set out on a plan to completely refurbish the properties beginning with The Connaught. It was decided soon afterwards that the Savoy Hotel did not fit into the plans and was sold to Kingdom Holding for approximately £250m. The Maybourne name was formed when a group of Irish investors, headed by Derek Quinlan, bought the Savoy group of hotels from Blackstone and Colony Capital in 2003 for £750m. ![]() In December 2019, Maybourne acquired the Montage Hotel in Beverly Hills, California and said the acquisition was part of a global expansion strategy. It was renamed The Connaught in 1917 after Queen Victoria's third son, Prince Arthur, the first Duke of Connaught. The oldest hotel in the group is The Connaught which was originally built as the Prince of Saxe Coburg Hotel in 1815. The group was renamed when the Savoy Hotel was sold off from the original group of four hotels: The Savoy, Claridge's, The Berkeley and The Connaught. The Maybourne Hotel Group, formerly The Savoy Hotel Group has been operating luxury hotels in London with origins that go back 205 years. It remains managed by its founding operators, who opened the property in 2003 and now manage six Montage branded hotels.Maybourne Hotel Group is a Qatari-owned British luxury hotel operator, which owns and manages The Berkeley, Claridge's and The Connaught hotels in London. With 248 rooms, three restaurants and high-touch service, Montage is one of the town’s largest employers. “It’s the reason big companies moved out of ownership they get the revenue without the risk of ownership.” Management of resort properties remains stable under long-term contracts of typically 25 years that pay 3 of gross revenue, Reay said. He agreed that Montage guests should not expect to see changes due to an ownership change. Reay speculates another deal may be in the works involving Anbang and Blackstone, whose Hilton holdings make it the world’s largest hotel owner. Just two years earlier, Anbang paid $1.95 billion for the New York Waldorf-Astoria hotel. Both are hotel management companies, rather than property owners. “There must be something else going on.”īesides bidding for the Strategic hotels controlled by Blackstone, Anbang also covets Starwood Hotels and Resorts, competing against an offer from Marriot International. “It’s unprecedented,” said hotel analyst Alan Reay, of Atlas Hospitality Group in Irvine. Guests at the Montage descend to the sweeping crescent of Treasure Island Beach. Blackstone acquired the Montage and 16 other properties last December for $6 billion and is apparently negotiating to flip the properties to Anbang for $6.5 billion.īesides the Montage, Blackstone’s portfolio of hotels includes three other Southern California properties: the Ritz-Carlton Laguna Niguel, the Hotel del Coronado near San Diego, and the Loews Santa Monica Beach. ![]() Strategic Hotels & Resorts purchased Montage in 2015 for $360 million, but before the year was out sold itself to the New York private equity firm. If the deal goes through, Anbang becomes the third owner of the ocean-front property in little more than a year. The Montage will continue to be operated by Montage Hotels & Resorts under an already-existing long-term management contract, Reiss said. “Our associates and guests will continue to enjoy business as usual going forward under the current leadership team.” “No transaction has been finalized nor do we have additional information to share at this time,” he said in a statement. The latest stems from Anbang Insurance Group, intent on assembling a portfolio of trophy hotel properties worldwide, including the company controlling Montage Laguna Beach.Īnbang is negotiating with Blackstone Group’s Strategic Hotels & Resorts, Montage Laguna Beach managing director Rick Riess confirmed this week. Now, a new wave of mergers flows from China. In the ‘80s, Japanese investors snapped up trophy properties like Rockefeller Center in New York and Arco Towers in Los Angeles. Alan Fuerstman, who heads the management company that has operated Montage from the outset, remains with the management company operating the hotel.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |