Ares Management to Nab 20% stake in Montage Hotels

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. 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.