Construction of The Ritz-Carlton Rancho Mirage, stalled since September 2008 when its main lender Lehman Brothers filed for bankruptcy, is expected to restart now that the property has been sold in foreclosure.
Rancho California Investments LLC, an affiliate of the hotel's original owner and developer Miami-based Gencom Group and private investment firm Magna RE, bought the hotel's loan in foreclosure in early July. Terms of the agreement were not revealed.
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