The St. Regis Monarch Beach Resort in Orange County, CA, became the latest luxury hospitality property to be taken over by its lender when Citigroup Inc. seized the 400-room hotel after it fell into default on a $70 million mezzanine loan. According to CoStar News, in June, 13 hotel loans totaling $596 million defaulted across all price points of properties, including the $190 million Pointe South Mountain Resort in Phoenix, the $117 million Loews Lake Las Vegas and the $100 million Dream Hotel in New York, according to Fitch Ratings, which expects hotel delinquencies to balloon by an additional $608 million as Fitch-rated hotel loans become 30 days past due as of June 30. The latter includes three notes totaling $293.8 million that correspond to portfolios of Red Roof Inns Inc. properties, which Fitch expects will move into the delinquency index next month. Late last month, the budget inn provider announced talks to restructure its debt. It was owned by Motel 6 owner Accor North America Inc. before being spun off to two private investors last year for $1.3 billion.
@zBestAdAgency it costs about 500 a night i stuck around there last weekend and it is the best hotel EVAR! But bring a lot of extra money, the resturants r crazy expensive, but nonetheless it is the best hotel to stay at and very beuatiful too.
XxAstratucasxX 10 months ago
What is the Price ?
zBestAdAgency 1 year ago
The bank owns it now right?
MKoObaj1998Oo 1 year ago