Malibu boutique sells for almost $2M per key
International news
Luxury fashion brand Chrome Hearts, owned by Richard and Laurie Stark, last month acquired the boutique 20-room Surfrider Hotel in Malibu from Dauntless Capital Partners for $37.5 million, or a gawdy $1.9 million per key, according to multiple reports.
The property at 23033 Pacific Coast Highway, facing Surfrider Beach and near the Malibu Pier, traded hands for $28 million four years ago.
The luxe beach house-style hotel with a guest-only rooftop bar and restaurant was rebuilt and expanded in 2017 from a 1950s-era motel to feature 18 rooms and two suites. It has since garnered numerous travel industry awards and top rankings.
The per key sale price is just short of the estimated $415 million (more than $2 million per room) Maybourne Hotel Group’s paid for the 201-room Montage Beverly Hills in late 2019, which at the time set a California.
Chrome Hearts is a Los Angeles-based luxury brand known for its high-priced merchandise.
By Jeffrey Weinstein