(Bloomberg) -- Maybourne Hotel Group, a Qatari-backed firm, bought the Montage Beverly Hills, a five-star hotel in the heart of the California city's luxury shopping district.
Maybourne, which has the iconic London hotels of Claridge's, the Connaught and the Berkeley in its portfolio, announced the acquisition in a statement Saturday, without disclosing financial details.
Bloomberg reported this week that Maybourne was closing in on a deal for the 201-room property, currently owned by Ohana Real Estate Investors, in a transaction that would value it at more than $400 million.
The transaction is the first in the U.S. by Knightsbridge, London-based Maybourne, which says it is pursuing a ‘global expansion strategy' and that other hotels will be announced in due course. Constellation Hotels, linked to former Qatari prime minister Sheikh Hamad bin Jassim Al Thani's family office, bought a 64% stake in Maybourne in 2015 from the billionaire Barclay brothers.
“We are excited to have our first property outside of London,” said Paddy McKillen, who runs the Maybourne Group's hotels. “We plan to bring some of the inspiration and creative energy to Montage Beverly Hills that has made our London hotels so successful and much loved.”
The Montage, located in Beverly Hills's Golden Triangle neighborhood, has a 20,000-square-foot (1,860-square-meter) spa and a rooftop pool overlooking Rodeo Drive. Weekend rates at the hotel range from $595 a night for a king room to $10,000 for the most expensive suites.
--With assistance from Richard Vines.
To contact the reporters on this story: Gillian Tan in New York at gtan129@bloomberg.net;Patrick Clark in New York at pclark55@bloomberg.net;Joe Mayes in London at jmayes9@bloomberg.net
To contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, Anil Varma, Pete Norman
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
