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Old 07-20-09, 09:12 PM
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Citigroup seizes resort where AIG held retreat

Citigroup seizes resort where AIG held retreat
AP posted: 48 MINUTES AGO

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.

Information from: Los Angeles Times, Los Angeles Times - News from Los Angeles, California and the World
Copyright 2009 The Associated Press. All rights reserved.
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