Luxury Orange County resort (St. Regis Monarch Beach) in foreclosure

[marmar]

from the LA Times:




St. Regis Monarch Beach seized by Citigroup

By Roger Vincent and E. Scott Reckard
2:42 PM PDT, July 20, 2009


The St. Regis Monarch Beach, the Orange County luxury resort where American International Group Inc. sponsored a luxury retreat just days after accepting a federal bailout, has been seized by Citigroup Inc.

The hotel will continue to operate as a St. Regis.

"The acquisition will have no impact on the hotel, golf club or beach club," Citigroup said today. "Starwood's St. Regis brand will continue to be responsible for the day-to-day management of the properties."

Citigroup's takeover is a sign of how deeply troubled the upscale lodging industry is now, said consultant Alan Reay of Atlas Hospitality Group. High-end hotels across the country have been hammered by a cutback in business and leisure travel.

Resorts such as the St. Regis, which cater to wealthy travelers and the high-end corporate retreat business, have seen some of the steepest declines in revenue. ...........(more)

The complete piece is at: http://www.latimes.com/business/la-fi-stregis-foreclose21-2009jul21,0,3851880.story

[panader0]

1. Ironic that it's Citibank

On things like this, the fat is usually on the top. Too many well paid execs, not the people who work there.

[FarCenter]

2. Cheapest accommodations appear to be $600/night or more

[ruggerson]

3. The gaudiest hotel I've ever been to

appeared to be designed by someone who went to Morocco, came back, dropped way too much acid and went insane in the middle of the job.