Houston billionaire Tilman Fertitta has bought the 260-room ocean-view Montage Laguna Beach hotel in coastal Orange County for roughly $650 million. The price is believed to be one of the highest prices ever paid for a California hotel. In 2018, he built the Post Oak Hotel in Uptown Houston. In 2017, Fertitta purchased the NBA’s Houston Rockets for a record $2.2 billion and is the sole owner of the team.

The Montage Laguna Beach Resort offers 30 acres of oceanfront property in Laguna Beach. All 260 guestrooms feature views of the Pacific Ocean. Fertitta has had his eye on the resort for years, “I have been traveling to Laguna Beach for over 30 years. It is one of my favorite places to visit and one of the most beautiful areas in the world.” The seller of Montage Laguna Beach is China’s Dajia Insurance Group Co.

Fertitta owns 14 other hotel properties around the country, including the San Luis Resort in Galveston, TX.

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