MONTAGE INTERNATIONAL RECEIVES STRATEGIC INVESTMENT FROM LUXOR CAPITAL GROUP, GOLDMAN SACHS AND FUNDS AND ACCOUNTS MANAGED BY BLACKROCK (United States)
The investment will accelerate Montage International’s global expansion and strategic growth across its luxury portfolio. |
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MONTAGE INTERNATIONAL RECEIVES STRATEGIC INVESTMENT FROM LUXOR CAPITAL GROUP, GOLDMAN SACHS AND FUNDS AND ACCOUNTS MANAGED BY BLACKROCK (United States)
The investment will accelerate Montage International’s global expansion and strategic growth across its luxury portfolio. |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Hotel projects - Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2024-02-27
Montage International, the premier hospitality management company founded by Alan J. Fuerstman, announced it has received a strategic investment arranged by Luxor Capital Group.
In addition to investments by affiliate funds of Luxor, the investment group is comprised of significant commitments from funds managed by Goldman Sachs Asset Management (“Goldman Sachs”) and funds and accounts managed by BlackRock, Inc. (“BlackRock”).Montage International features the ultra-luxury brand Montage Hotels & Resorts, the contemporary luxury brand Pendry Hotels & Resorts, as well as each brand’s array of luxury residential offerings.
This transaction will allow Montage to accelerate its next stage of growth while also providing its long-term minority shareholder, Ohana Real Estate Investors, with a highly successful exit from their ownership position.
“I am immensely thankful for the partnership and support that Ohana has brought to Montage International since we began our journey together just over 20 years ago,” said Alan J. Fuerstman, founder, chairman and CEO of Montage International.
“Our goal has always been to work with investors and hotel owners who see the long-term view, and as the current owner of two Montage properties, Ohana will remain an important partner with whom we look forward to continued collaboration into the future.”
“This investment from Luxor, Goldman Sachs and BlackRock represents a new chapter in the ongoing development of Montage International. Our partnership will spur the next stage of the company’s growth in the United States and beyond for both the Montage and Pendry brands,” said Fuerstman.
Montage International has delivered exceptional growth for over 20 years, expanding the company to 17 managed properties along with a multi-year pipeline of future destinations across the United States, Mexico, the Caribbean and the Middle East.
To date, Montage International has been primarily focused on North American and Caribbean markets but along with its new investors, Montage International recognizes a significant opportunity to scale the business internationally.
“We and our investment partners are thrilled to be part of Montage,” said Christian Leone, founder of Luxor. “The strategic transaction pairs Montage, a hyper-growth, world class business with unparalleled investment firms such as Goldman Sachs and BlackRock. Our partnership with Montage is the culmination of a years’ long relationship with the Montage team and continues Luxor’s investment presence in five-star hospitality brands. We believe Montage is truly one of the most prestigious global hospitality brands and we look forward to supporting Alan and the Montage team in their long-term growth strategy.”
In connection with the transaction, Moelis & Company LLC served as financial advisor to Montage International and Dentons acted as its legal advisor.
Weil, Gotshal & Manges LLP and Kleinberg, Kaplan, Wolff & Cohen, P.C. acted as legal advisor to Luxor. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to Goldman Sachs and Clifford Chance acted as legal advisor to BlackRock.
About Montage International
Montage International, the hospitality management company founded by Alan J. Fuerstman, features the ultra-luxury brand Montage Hotels & Resorts, the contemporary luxury hospitality brand Pendry Hotels & Resorts, Montage Residences, Pendry Residences, and the management of some of the country’s premier golf courses and clubs. Founded in 2002, Montage Hotels & Resorts is an artistic collection of distinctive hotels, resorts, and residences. Pendry Hotels & Resorts, founded in 2014, is a collection of contemporary luxury hotels for today’s cultured world traveler located in taste making destinations.
About Montage Hotels & Resorts
Montage Hotels & Resorts is the ultra-luxury hospitality management company founded by Alan J. Fuerstman. Designed to serve the affluent and discerning traveler and homeowner, the company features an artistic collection of distinctive hotels, resorts, and residences. Each Montage property offers comfortable elegance, a unique sense of place and spirit, impeccable hospitality and memorable culinary, spa and lifestyle experiences. The portfolio of hotels, resorts and residences includes: Montage Laguna Beach, Montage Deer Valley, Montage Kapalua Bay, Montage Palmetto Bluff, Montage Los Cabos, Montage Healdsburg, and Montage Big Sky. Future destinations include Montage Cay, Montage La Quinta and Montage Punta Mita. Montage Hotels & Resorts is a member of Preferred Hotels & Resorts.
About Pendry Hotels & Resorts
Pendry Hotels & Resorts is a contemporary luxury hospitality brand from Montage International. Pendry combines inspired design with a celebration of culture and authentic service tailored to today’s cultured world traveler. Founders Alan J. Fuerstman and Michael Fuerstman’s well-seasoned experience in the hospitality industry serves as the foundation for the brand, injecting each property with a unique perspective on contemporary style, and an emphasis on the arts and local community in the city it calls home. The portfolio of hotels and resorts includes: Pendry San Diego, Sagamore Pendry Baltimore, Pendry West Hollywood, Pendry Chicago, Pendry Manhattan West, Pendry Park City, Pendry Washington DC – The Wharf and Pendry Newport Beach. Future destinations include Pendry Natirar, Pendry Tampa, Pendry Punta Mita, Pendry Barbados and Pendry La Quinta. Pendry Hotels & Resorts is a member of Preferred Hotels & Resorts.
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