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Los Angeles

Ares Management to nab 20% stake in Montage Hotels

The Montage Beverly Hills
The Montage Beverly Hills

Montage Hotels & Resorts, the firm that owns and operates the Montage Beverly Hills, will sell a 20 percent stake of the company to a fund affiliated with private equity giant Ares Management, it said Wednesday.

As part of the deal, Ares will also contribute up to $200 million towards acquiring and developing new properties operated by Montage, the Wall Street Journal reported.

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Montage, which is part owned by eBay founder Pierre Omidyar, currently operates five luxury hotels under the Montage brand, including the one in Beverly Hills. It also recently launched Pendry Hotels, a new brand targeted at younger clientele.

The company is rumored to be looking for a site for a Pendry hotel in Downtown L.A. [WSJ] — Katherine Clarke