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by Michael J. Shapiro | July 27, 2011

 A group of banks led by Bank of America assumed ownership on Monday of the 170-room Ritz-Carlton, Lake Tahoe, in Truckee, Calif., according to a report in the Sacramento Bee. The foreclosure follows last spring’s loan default by the property’s developer. The resort will continue to operate as the Ritz-Carlton, and the ownership change will have no impact on the property’s operation, according to spokespeople for Bank of America and the hotel.