ON THE TWITTER I’VE SPOKE ABOUT ME BEING SURPRISED ABOUT CERTAIN THINGS GOING OUTTA OF BUSINESS AND HOW THIS RECESSION IS EFFECTING EVERYBODY. HERE’S ANOTHER EXAMPLE
St. Regis Monarch Beach Turned Over To Citigroup
Last month I mentioned that the owners of the St. Regis Monarch Beach in Dana Point, California had defaulted on a $70-million loan. The Orange County resort, infamous for being the site of the $443,000 AIG retreat after the federal bailout, was scheduled for a foreclosure auction. The auction didn’t take place and the resort was officially turned over to the lender of its $70 million mezzanine loan, Citigroup. The Wall Street Journal reports that deal took place after weeks of negotiations between Citigroup and the owners of the hotel, Farallon Capital Management LLC and Makar Properties LLC. A Citigroup spokesperson has said that the foreclosure acquisition will have no impact on the daily operations of the resort which will carry on as usual.
The St. Regis has a 400-room hotel, a golf course, a private beach club and several restaurants including Michael Mina’s Stonehill Tavern. The property is current on two other mortgages totaling $230 million and was refinanced in 2007 resulting in the $300 million in debt. The five-star hotel is located near Laguna Beach, California which is also home to Ritz-Carlton and Montage luxury resorts. Occupancy
PrincessAshleyJ
That is beautiful paradise But how do they build these places and people come and get all this money and then go out of business
NastySteve
these places are meant for the rich, cuz only the rich can afford their prices. But with the economy being as bad as it is what do these resorts expect?
the place is beautiful no doubt, but im sure this one wont be the only one
NYC ICON
This is Luxury at its finest!! I can’t wait for things to turn around in the Financial World. How long must we ALL suffer? It is NOT a game!! I am Crankin’ this joint right here, “I got that drank in my cup … got that drank in my cup” (Drank – Electrik Red)
Mz.2kwel4kwelwhip
Stuff like this cracks me up…..
It tickles my fun’e bone how they can get a $70 million loan when I cnt even get a $5000 loan for a whip lolz
Chris
I’ve seen this place and it’s amazing!!
nishanish87
Paradise + Recession = 🙁
MR B
sign of the times!
Charloetta
U aint lying..i work in the healthcare field and never thought we would b hit with the recession but its hitting us too..laying off ppl like a mofo
SPOCK
remember, their is no such thing as a recession, its the transformation of wealth…
This was from the first day of my economics class!!! MOREHOUSE BABY!!!!!
DA HOUSE!!
MissNichole
Well maybe now Citigroup can recoup some of its money and start paying back that $20 billion government bailout.