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Maybourne buys Beverly Hills, Calif., hotel

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Maybourne buys Beverly Hills, Calif., hotel

Maybourne Hotel Group acquired the Montage Beverly Hills hotel in California for an undisclosed sum, marking the company's first property outside of London.

The company, which was previously known as the Savoy Group, said it plans certain upgrades at the property and will announce more hotels in due course as it eyes global expansion.

Maybourne was recently said to be nearing a purchase agreement for the 201-room hotel with property owner Ohana Real Estate Investors LLC, in a deal that would value it at more than $400 million, Bloomberg News reported.