Citigroup takes over St. Regis resort

DANA POINT, Calif. 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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