Tilman Fertitta buys luxury hotel in Southern California
With his new Las Vegas resort in the works, billionaire Tilman Fertitta has also purchased a luxury hotel in Southern California.
Fertitta announced Monday that he acquired Montage Laguna Beach, a 30-acre, oceanfront resort in Laguna Beach, California. The 260-room property features a 20,000-square-foot spa, two pools, direct beach access, a fine art collection and more than 20,000 square feet of indoor and outdoor meeting space, according to a news release.
Terms were not disclosed. According to recent media reports, Fertitta was set to acquire the resort for about $650 million.
Fertitta, owner and CEO of Houston-based Fertitta Entertainment, called the hotel “one of America’s most iconic trophy resorts” in Monday’s news release.
“I have been traveling to Laguna Beach for over 30 years,” he said. “It is one of my favorite places to visit and one of the most beautiful areas in the world.”
Fertitta oversees a corporate empire that spans dozens of restaurant brands, Golden Nugget casinos in Nevada and other states, the NBA’s Houston Rockets and the upscale Post Oak Hotel in Houston.
He is also one of the largest shareholders in Las Vegas casino operator Wynn Resorts Ltd., according to a recent securities filing, and is set to develop his own towering project on the Strip.
In June, Fertitta purchased 6 acres at the southeast corner of Las Vegas Boulevard and Harmon Avenue for $270 million. The Clark County Commission last month approved his plans for a 43-story, 2,420-room hotel-casino on the site, and work crews have already demolished buildings on the property.
Last month, a spokesperson for Fertitta Entertainment told the Review-Journal there was no groundbreaking date for the resort yet.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
