Washington Holdings Buys St Regis Monarch Beach

8th April 2010 (Last Updated April 8th, 2010 18:30)

Real estate firm Washington Holdings has acquired the St Regis Monarch Beach Resort in California, USA. The firm paid $235m for the hotel and bought a portion of a $70m loan from a Citigroup affiliate. The hotel was transferred to the affiliate last year when the owner defau

Real estate firm Washington Holdings has acquired the St Regis Monarch Beach Resort in California, USA.

The firm paid $235m for the hotel and bought a portion of a $70m loan from a Citigroup affiliate.

The hotel was transferred to the affiliate last year when the owner defaulted on payments.

The oceanfront resort features 400 guest rooms and suites, an 18-hole championship golf course, 65,000ft² of indoor and outdoor meeting space, restaurants and a 30,000ft² spa.

Washington Holdings and Prudential Insurance held the $230m first mortgage on the property, according to Reuters.