Montage International, the hospitality management company, 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 and funds and accounts managed by BlackRock.
Montage International has the luxury brand Montage Hotels & Resorts, the contemporary luxury brand Pendry Hotels & Resorts and each brand’s 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 an 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,” Alan Fuerstman, founder, chairman and CEO of Montage International, said in a statement. “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 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, according to the company. To date, Montage International has been primarily focused on North American and Caribbean markets but with its new investors, Montage International will 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.