Jul
21
Citigroup Seizes Resort Where AIG Held Retreat
DANA POINT, Calif. – A Southern California resort where American International Group Inc. sponsored a luxury retreat after receiving federal bailout money has been seized by Citigroup.
The owners of the St. Regis Monarch Beach in Dana Point were in default on a 70 million loan from a real estate unit of Citigroup Inc., resulting in the takeover.
Citigroup said last month it would sell the property at a foreclosure auction. However, when no bidders came forward, the bank and the owners agreed to let Citigroup take ownership without that formal step.
The 400-room hotel will continue to operate as a St. Regis. It became a symbol of corporate excess last year when AIG spent some 440,000 on a posh retreat for its executives.
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Information from: Los Angeles Times, http://www.latimes.com
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