Todays' editions of the Los Angeles Times report that the St. Regis in Dana Point is headed toward foreclosure, behind on a $70 million loan.
From the story:
The companies that own the resort are in default on a $70-million loan from Citigroup Global Markets Realty Group, people knowledgeable about the debt said Tuesday.
Negotiations continue in an effort to avoid an auction, according to those sources. But unless something is worked out, the St. Regis will go on the block July 7, to be sold to the highest bidder, according to a "terms of public sale" document obtained by The Times.
Click here to see the whole story.
The Dana Point Times in May featured challenges facing the hotel industry in the troubled economy, and how that might impact the city. See that story here.
Comments