BANKING & FINANCE - Sept. 17, 1992
RTC Seizes Desert Properties: Three desert country clubs and a hotel were among Landmark Land Co. properties nationwide seized this week by the agency that inherits the wreckage of failed savings and loans. The properties will be sold to bail out a failed Louisiana thrift formerly owned by Carmel, Calif.-based Landmark. The Resolution Trust Corp. took over PGA West, the La Quinta Hotel, Golf and Tennis Resort, and the Mission Hills Country Club in Rancho Mirage. Seized along with those Palm Springs-area resorts 100 miles east of Los Angeles were Landmark corporate offices in La Quinta and in Carmel, and golf resorts in Oklahoma and the South.
For the record:
12:00 a.m. Sept. 18, 1992 For the Record
Los Angeles Times Friday September 18, 1992 Home Edition Business Part D Page 3 Column 6 Financial Desk 2 inches; 51 words Type of Material: Correction
La Quinta Hotel--The Resolution Trust Corp. did not seize the La Quinta Hotel last weekend when the agency assumed control of three Palm Springs-area country clubs, as reported in Thursday’s editions. The RTC instead took over a subsidiary of Carmel, Calif.-based Landmark Land Co., which manages the La Quinta Hotel, owned by Hotel Associates of Palm Springs.
