St. Regis Monarch Beach Headed For Foreclosure Auction
Another luxury hotel is in financial trouble and facing foreclosure. The Los Angeles Times is reporting that the owners of the St. Regis Monarch Beach in Dana Point, California have defaulted on a $70-million loan. The Orange County resort became infamous last year for being the site of the $443,000 AIG retreat after the federal bailout.
The hotel is part of the Starwood Group, a company which has seen several of its W Hotels also flirt with foreclosure. Like those hotels, the St. Regis Monarch Beach remains open. It has a Father's Day brunch planned as well as barbecue events for the Fourth of July and packages to coordinate with Laguna Beach's popular Pageant of the Masters which runs from July 8 to August 31. The art event showcases "living pictures" - re-creations of classical and contemporary works of art with real people posing to look exactly like their counterparts in the original pieces. That show and several other art festivals, brings tourists to the beach town all summer long and usually keep local resorts full of guests.
Gallery: Hotels In Transition