According to an article published in the Washington Post on Monday, October 18, foreclosure proceedings have begun on the owners of the St. Regis Washington, D.C. hotel as Barclays Capital plans to auction off the property come Friday, October 22. The article reports that Claret Capital purchased the hotel for $170 million in 2007 with $135 million in loans from Barclays, which foreclosed on Claret in September and plans to sell it through Harvey West Auctioneers.
As the Post's report scatters throughout the media and blogosphere, Starwood Hotels & Resorts has released the following statement on the manner:
“It is business as usual at The St. Regis Washington, D.C. with no impact on operations, service or staffing. The property continues to be managed by Starwood Hotels & Resorts under the St. Regis flag and the hotel won’t skip a beat in providing the bespoke signature services that have made it one of the most exclusive hotels in North America. Despite challenging economic times, the hotel has performed well, enjoying high occupancy, numerous sell-out days and attracting high profile guests and events. We remain committed to providing our guests with a flawless experience at every turn and are confident we will continue to do so.”