>Seattle property company buys infamous AIG party hotel

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>Seattle-based Washington Holdings paid $235 million for the hotel, a representative of the company said. It purchased a portion of a $70 million loan on the upscale Southern California hotel in Dana Point, California for a fraction of the price from an affiliate of Citigroup Inc (C.N).

The hotel was transferred to the Citigroup affiliate last year when the owner defaulted on payments for that loan.

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