Strategic Hotels & Resorts has acquired the Montage Laguna Beach in Southern California from an affiliate of Ohana Real Estate Investors in a transaction worth $360m.

Montage Hotels & Resorts will continue to manage the 250-room resort, which opened in 2003.

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The acquired hotel features 60 suites, 16,000ft² of indoor meeting space, a 20,000ft² spa, and multiple acclaimed food and beverage outlets.

"The acquisition is consistent with our strategy of expanding our best-in-class portfolio of irreplaceable and world-class luxury hotels located in North America."

Strategic Hotels & Resorts chairman and chief executive officer Raymond ‘Rip’ Gellein said: "The acquisition is consistent with our strategy of expanding our best-in-class portfolio of irreplaceable and world-class luxury hotels located in North America.

"The Southern California market generally, and the coastal Orange County market specifically, have been among the highest rated markets in the country and are poised to continue their strong growth given the diverse set of demand drivers and no competitive supply in the current pipeline as the result of extremely high barriers to entry."

Montage Hotels & Resorts founder and chief executive officer Alan Fuerstman said: "We are excited to be working with Strategic Hotels & Resorts, who, as one of the leading luxury hotel owners in our business, share our ongoing commitment to the outstanding hospitality established at Montage Laguna Beach over many years."

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Montage Laguna Beach has a trailing 12 month RevPAR penetration index of 185 times and a 2015 budgeted ADR of nearly $600 and Total RevPAR over $1,000.

Strategic funded the acquisition, in part, through the issuance of 7,347,539 shares of common stock to an affiliated designee of the seller, priced at $13.61 per share, or an implied valuation of $100m.