|By Dale Kasler, The Sacramento Bee,
Calif.McClatchy-Tribune Regional News
July 12, 2011--The Ritz-Carlton hotel foreclosure sale, set for Monday, has been postponed a second time. The new sale date is July 25.
Hotel operations aren't affected, executives with the Lake Tahoe property said.
The Northstar-area luxury hotel defaulted on $165 million in bank loans in March 2010, a few months after opening. Bank of America, which represents a group of banks that lent to the hotel, filed a foreclosure notice in early June.
The foreclosure sale was originally set for June 27. But the case proved to be more complicated than expected because of multiple lenders, said Tom Morone, the hotel's court- appointed receiver.
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