The London-based luxury hotel company Maybourne Hotel Group has purchased Montage Beverly Hills. The Montage now joins a distinguished portfolio that includes the iconic Claridge’s, The Connaught and The Berkeley in the heart of London.
The acquisition – a hot topic in the business press of late – was confirmed in a statement by Maybourne on Dec. 23.
The statement omitted financial details. But, published reports list a purchase price in the range of $415 million. If accurate, that would make the sale of the 201-room Montage (by Ohana Real Estate Investors) one of the most expensive per room on record.
Formerly the Savoy Group, Maybourne traces its origins back to the late 19th century. It is widely recognized as one of the global leaders in the historic luxury hotel space. The company is known for carefully renovating and maintaining significant properties, while invigorating them with the flair needed to win over an international clientele. Hallmarks include award-winning restaurants, creative culinary partnerships and newsworthy interior design.
Maybourne has also made headlines of its own over the past two centuries. Most recently, a bitter six-year legal battle culminated in the 2015 sale of a nearly 64 percent interest in the company. The sellers were Britain’s billionaire Barclay brothers. The buyer: Constellation Hotels Group, owned by a Qatar sovereign wealth fund.
The Montage Beverly Hills purchase is the first in the U.S. for Maybourne, which plans to “reposition” and renovate the hotel to bring it more in line with the London properties. In its statement announcing the sale, Maybourne indicated that “the acquisition is part of a global expansion strategy bringing Maybourne’s European luxury concept to new markets across the globe. Other hotels will be announced in due course.”
“We are excited to have our first property outside of London, and where better than the city of Beverly Hills,” said Maybourne’s Paddy McKillen. “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, but we never forget that the most important element of all our hotels is our staff and our guests.”
When reached at their Knightsbridge headquarters on Christmas Eve, a spokesperson for Maybourne indicated that additional details about future plans for the Montage will be forthcoming in the New Year.