Development of St. Regis Costa Rica put on hold due to Lehman Brothers collapse
October 27th, 2008 | by admin |The increase in construction costs, the uncertainty of the international real estate market and the collapse of US bank Lehman Brothers has put the construction of St Regis Costa Rica to be put on hold.
The St Regis Costa Rica project was being financed by the now collapsed US bank Lehman Brothers. The decision to put the St. Regis project on hold was made this week.
St. Regis® is a chain of luxury full-service hotels, resorts and residences, developed by the Starwood Real Estate Group. Starwood is one of the world’s largest hotel and leisure companies. Starwood brand names include luxury and upscale hotels, resorts and residences such as the Sheraton, Westin and FourPoints — to name a few.
News of another prominent Costa Rica real estate development put on hold comes just days after AOL Founder announced that his Costa Rica-based real estate project is now on hold.
We expect other Costa Rica real estate developers that are financed by US banks to make similar announcements, very soon.
