News for the Hospitality Executive
St. Regis Monarch Beach Taken Over by Citigroup; Resort
Where AIG Held Sales
Junket Is Foreclosed, Will Continue Operations Under St. Regis' Management
DANA POINT, Calif. - July 20, 2009 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that The St. Regis Monarch Beach resort will continue to operate business as usual following a consensual transfer by its owner to Citi, the lender, which now owns the 400-room hotel.
In a statement issued today, Citi affirmed that the St. Regis brand will continue to manage the hotel and said, “The acquisition will have no impact on the hotel, golf club or beach club, which will continue to operate at the highest standards of service seamlessly and without interruption for guests and employees.”
California’s only five star, five diamond resort, The St. Regis Monarch Beach opened in 2001 and quickly established itself as the state’s premier luxury hotel host to high profile events, tastemakers and global travelers. Citi and St. Regis are communicating to the community, associates, guests and meeting planners that the change in ownership will not impact hotel operations.
“The St. Regis won’t skip a beat in providing the bespoke signature services that have made the property one of the most exclusive resorts in North America,” said Johnny So, General Manager of the St. Regis Monarch Beach Resort. “We remain committed to providing our guests with a flawless experience at every turn, and we are proud, that despite the challenging economic times, the St. Regis Monarch Beach continues to gain market share and is outperforming its competitive set.”
St. Regis Monarch Beach and Resort is fully operational, including its popular destination bars as well as award-winning restaurants and Spas – Club 19, Stonehill tavern, Motif Restaurant, and Spa Gaucin.
About St. Regis Hotels & Resorts
Starwood Hotels & Resorts
|Also See:||Dana Point’s St. Regis Monarch Beach Resort Set for Auction on July 7, 2009; Owner Makallon Resorts LLC Stopped Making Mortgage Payments Earlier this Year / June 2009|
|St. Regis Monarch Beach Resort & Spa Opening Adds to Competition in South Orange County California / Sandi Cain / Aug 2001|