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REAL ESTATE

From Times Staff and Wire Reports

Tokai Bank Plans Foreclosure: Tokai Bank said it will foreclose on the uncompleted Park Hyatt Hotel in Santa Monica. The 198-room hotel has been plagued by construction delays, cost overruns and disputes between owner Santa Monica Hotel Ltd. and the general contractor, Gosnell Builders Inc. Santa Monica Beach Hotel general partner Sam Stein, who had been negotiating with the bank to restructure the hotel’s loan, said he was “shocked by Tokai’s announcement” that it will foreclose.


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