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.