Century-old Claremont Hotel one of 5 high-end resorts to file for ...

The hotels, which include Hawaii's Grand Wailea Resort and the Club at PGA West in Southern California, took the step after lenders seized them from Morgan Stanley's real estate funds. ... three other resorts that aren't filing for bankruptcy – in a bid to bolster the Wall Street firm's real estate holdings. At the time, luxury properties were fetching record prices and tourism was thriving. When the lodging industry tanked during the recession, the investment soured. ...

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