RTC Wants Receiver for Plaza Alicante
The Resolution Trust Corp. has filed a lawsuit asking that a receiver be appointed to oversee the Plaza Alicante office tower and adjacent 400-room hotel because the property owner, Gateway Properties of Irvine, has fallen nearly $1.5 million behind in its payments.
The RTC filed the action this week in Orange County Superior Court as conservator of Western Federal Savings Bank.
The Alicante complex, a swank high-rise development on Harbor Boulevard, is 95% owned by Gateway Properties and 5% by the Garden Grove Agency for Community Development, according to the documents.
Gateway, whose partners include well-known credit dentist Robert Beauchamp, said it would have no comment on the suit.
The property has been in financial trouble since at least 1991, when foreclosure proceedings were initiated by Western Federal, a Marina del Rey thrift.
The property subsequently was refinanced and Gateway signed a promissory note for $27.5 million in 1993, to be paid back through monthly statements, according the lawsuit. Gateway missed its June 4 payment of $1 million of principal.
The suit is not expected to affect daily operation of the hotel, which is operated under a management contract by Hyatt Corp. as the Hyatt Regency Alicante.