There was a lot of news recently about new owners taking over the St. Regis Monarch Beach Hotel in Dana Point. Here are some excerpt from the LA Times piece on the topic:
St. Regis Monarch Beach, the posh Orange County resort tarred in a public backlash to corporate travel spending, has a new owner after a transaction that values the property at about $235 million. …
Like other hotels, the 400-room resort was hammered by the downturn in the economy. It was further battered as corporate executives canceled meetings and retreats at upscale resorts in part because they didn’t want to appear to be living large while a recession squeezed the middle and lower classes. …
