Last year, American International Group Inc. (NYSE:AIG) garnered media attention and the country's scorn after hosting a $443,000 retreat at the St. Regis Monarch Beach in Dana Point, Calif., shortly after receiving a government bailout.
Now, the same luxury resort recently defaulted on a $70 million loan and was turned over to its lender Citigroup Inc. (NYSE:C). The deal ends weeks of negotiations between Citigroup and the owners of the hotel, Farallon Capital Management LLC and Makar Properties LLC.
Now that Citi owns the facility, could the New York bank justify using its own assets for retreats? - Matthew Wurtzel
See story from The Wall Street Journal
See story from Luxist
Continue reading below
