July 20, 2009

Heh - another one bites the dust

From the LA Times:
St. Regis Monarch Beach seized by Citigroup
The seizure of the St. Regis Monarch Beach, where American International Group Inc. sponsored a luxury retreat just days 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 Dana Point hotel and golf course Monday after months of negotiations over a $70-million loan that was in default. A foreclosure auction slated for today was canceled after the lender realized there would be no serious bids for the property, according to a knowledgeable person who was not authorized to discuss the situation publicly and spoke on condition of anonymity.
Emphasis mine... They are all going down the tubes and good for them. Reorganize, re-learn your core competencies and come back stronger and leaner. Bailouts only postpone this. Posted by DaveH at July 20, 2009 9:27 PM | TrackBack
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