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Strategic Hotels & Resorts buys Laguna Beach resort, assumes debt
Strategic Hotels & Resorts acquired the 250-room Pacific Ocean-facing Montage Laguna Beach luxury resort in Laguna Beach, California from an affiliate of Ohana Real Estate Investors for $360m. As part of the deal the firm assumed a $150m fixed-rate mortgage loan from Mass Mutual Life, priced at 3.9% and maturing in August 2021.
