According to www.yourwoodlandsnews.com , La Torretta Lake Resort & Spa, located in Lake Conroe, TX, is in default of its deed of trust issued June 2007 in the terms of payment of debt secured by the property. Lake Conroe is north of Houston, TX.
Day to day operations of the property are not expected to be affected right away and any long term effects are still unknown.
The resort underwent a $130 million renovation and reopened in November of 2008. In 1986, the property underwent a foreclosure with its original developer, who is not involved in current operations.
Please read the full story by Brad Meyer here: http://www.yourhoustonnews.com/woodlands/news/la-torretta-resort-in-default/article_d47d3e62-1ad8-11e1-b3e2-001cc4c03286.html#.Ttbq-1vFQHQ.gmail