Montage Laguna Beach is up for sale, and the owner wants $700M.

China-based Dajia Insurance Group Co. took over ownership in 2019, and now are looking to sell Montage along with two additional properties in the US for a combined $1.3B.

If the sale goes through, it would set a record for hospitality purchases in Orange County and the state of California with the property going for a whopping $2.8 million a key. The last sale that came close to the per-key price was Blackstone’s purchase of the Cosmopolitan Las Vegas for $5.65 B – $1.8M a key.

But whoever buys Montage isn’t likely to make bank off it – it’s entirely a vanity play.

The last time Montage sold was in 2015, for a reported $360 million.

$700M seems a stretch in that context, but someone is sure to want to snap up this coveted location – even if it’s not likely to send them to the rich(er) house.