Tilman Fertitta is acquiring a landmark trophy property in Laguna Beach at a price that gets its own trophy: the billionaire casino owner is acquiring the Montage Laguna Beach hotel for $650M.
The jaw-dropping price tag for the 258-room cliffside luxury hotel translates to a record $2.5M per room, according to a report in the Orange County Register.
The Houston-based billionaire owns the Golden Nugget casinos as well as a 6.2% stake in Wynn Resorts, owner of hotels in casinos in Las Vegas and Macau. Fertitta also owns numerous high-profile restaurants and the NBA's Houston Rockets franchise, which he purchased for $2.2B in 2017.
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