June 7, 2023
On Monday, Tribal Business New reported that the San Manuel Band of Mission Indians acquired an ownership stake in the newly renovated Waldorf Astoria Monarch Beach Resort & Club in Dana Point, Calif.
The Tribe’s San Manuel Investment Authority (SMIA) purchased a 40% interest in the resort from Austin, Texas-based Ohana Real Estate Investors, which acquired the property in 2019. The investment also includes an option for the SMIA to increase its ownership through one or more future transactions, according to a statement.
Financial terms were not disclosed.
The blufftop resort overlooking the Pacific Ocean is home to 400 newly renovated rooms, a private beach club, seven dining destinations and an 18-hole championship golf course.
“Investing in a luxury destination resort such as Waldorf Astoria Monarch Beach represents another milestone for our Tribe, enabling us to continue executing our long-term diversification strategy,” Chairwoman Lynn Valbuena said in a statement. “We are excited to partner with Ohana Real Estate Investors and impressed with Hilton and Waldorf Astoria’s strategic repositioning of the property over recent years.”
The investment in the luxury resort is the latest in the Tribe’s expanding real estate and resort portfolio.
The Tribe also owns and operates Yaamava’ Resort & Casino at San Manuel on its reservation in Highland, Calif. Additionally, the San Manuel Gaming & Hospitality Authority became the first Native American owners and operators of a casino resort in Las Vegas with the purchase of Palms Casino Resort, which reopened under the tribal affiliate’s ownership in April 2022.
Jefferies LLC and Berkadia Real Estate Advisors LLC acted as financial advisors, and Goodwin Procter LLP acted as legal counsel for San Manuel in relation to this investment.
You can find the original article here.
Source: Tribal Business News Staff. “San Manuel Band acquires stake in Waldorf Astoria resort.” Tribal Business News. 5 June, 2023
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