Stockton Waterfront Hotel In Receivership

STOCKTON, Calif. (AP) - A receiver appointed in San Joaquin County Superior Court now controls Stockton's Sheraton Hotel, a the 221-room hotel and condominium building that is key to the city's waterfront development efforts.

The $61.5 million project is the highest-priced property to be foreclosed on in a city already leading the nation in residential foreclosures.

The hotel is still open, however, and a Sheraton spokesman says it's sold out through the weekend.

A spokesman for the hotel's developer would not say how much money the company had invested in the Sheraton. Besides defaulting
on its loan from the First Bank of Missouri, Regent Development owes $8.9 million to 26 contractors and suppliers.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

AP-NY-07-25-08 1536EDT

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