Tuesday, July 28, 2009

St. Regis Monarch Beach Hotel in Default

The seizure of the St. Regis Monarch Beach hotel, where American International Group, Inc. sponsored a luxury retreat shortly after accepting a federal bailout, is the most dramatic sign yet of the deep troubles in the market for high-end hotels. Citigroup, Inc. took over the Orange County, California, hotel and golf course last week after months of negotiations over a $70 million loan that was in default. For more information, click on the following link:

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