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Terranea Resort opens in Palos Verdes

June 12, 2009 12:00:00 AM PDT
The ongoing economic recession didn't stop a $480 million resort from opening its doors in Southern California Friday.Guests began checking into the 582-room luxury Terranea Resort in Rancho Palos Verdes. Terranea sprawls over 102 acres of dramatic coast line. It is located on the old Marineland property, which closed over two decades ago.

Terranea's opening didn't come easy. After ten years of planning, developer Lowe Enterprises ran into financial problems and got the help of a Rancho Palos Verdes city loan, worth more than $8 million. The loan is due to be repaid by 2013.

The opening comes as another Southern California luxury resort, The Saint Regis Monarch Beach in Dana Point, faces a foreclosure auction. Its owners are in default of a $70 million loan.

Terranea will have its grand opening in late June.

Guests can enjoy eight restaurants, three swimming pools, a golf course, and a state of the art spa and fitness center. The resort also houses an 18,000-square foot ballroom.

Early bookers may get discounts up to 50 percent.

The Associated Press contributed to this report.

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