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Citigroup takes over St. Regis resort

July 21, 2009 6:10:03 AM PDT
Citigroup now owns the St. Regis Monarch Beach resort.The company took over the luxury resort in Dana Point on Monday after months of negotiations over a $70 million loan that was in default.

According to the L.A. Times, a foreclosure auction slated for Tuesday was canceled after the lender realized there would be no serious bids for the property.

The hotel made headlines when AIG executives scheduled a retreat days after getting a federal bailout.

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