St Regis again made it to the headlines, but this time it is not because of its lip smacking food or its over-the-top service. The Washington Holdings has undertaken the Monarch Beach Resort property of the St. Regis in Dana Point. This report surfaced on Tuesday, as a spokesperson of the Washington Holdings finally revealed this piece of news.
The acquisition of the St. Regis Monarch Beach Resort by the Washington Holdings did not happen all of a sudden, Washington Holdings has been observing this property of the St Regis and was interested in buying it from a very long time. The resort will be looked after by the Starwood Hotels & Resorts Worldwide, it surely would demand quite a lot of attention as the resort is California’s one and only Forbes Five-Star resort and it also happens to be an AAA Five Diamond resort.
Reports have it that the Prudential Insurance Company of America along with Washington Holdings had held the $230 million mortgage on the property. This resort was acquired from an affiliate of Citigroup, Inc. Washington Holding is a company that eyes prospering real estate properties, evaluates its profit and then invests in such properties. Currently, it holds properties equivalent to 10,000 hotel rooms!
Via: Dana Point Times