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Tag Archives: Morgan Stanley
The Claremont Resort and Spa, whose gleaming white presence is a defining feature of the East Bay Hills, is for sale once again.
Paulson & Co., a New York based hedge fund, and Winthrop Realty Trust have put the $279-room hotel on the market for $80 million, according to a report by Bloomberg News.
The Arizona Biltmore in Phoenix is also for sale for $250 million. The Paulson–led investor groups seized control of the Claremont and four other luxury hotels from Morgan Stanley’s real estate funds and put them into Chapter 11 bankruptcy in February 2011. The sales are an attempt to bring the properties out of bankruptcy, according to Bloomberg.
Around lunchtime on Wednesday men in dark business suits were wandering around the Claremont’s gym, contrasting sharply with people sweating in their spandex and shorts. … Continue reading »