DANA POINT, CA— Citigroup has foreclosed on the St. Regis Monarch Beach here, a luxury resort formerly owned by Makar Properties.
The resort was carrying more than $300 million in debt, including a $230 million first mortgage and a subsequent $70 million loan. According to local press reports, the property is worth roughly $100 million today.
Citigroup plans to retain the St. Regis brand to manage the property. St. Regis is part of Starwood Hotels & Resorts Worldwide.