After problems, room at the inn; Cambridge Hotel, foreclosed on 18 months ago, was bought by seven investors who plan to open two restaurants and a catering hall.(Business)

Byline: ALAN WECHSLER - Business writer

CAMBRIDGE - They're not serving pie a la mode just yet, but the venerated Cambridge Hotel is open for business once again.

About 18 months ago, a bank foreclosed on the three-story, 120-year-old inn. Now, a group of seven investors has spent more than $1 million to get the business up and running. The 17-room hotel has been open weekends for nearly a month, and will be open all week later this August. A restaurant will open this week.

With rooms now at a discounted $99 per night as refurbishments continue, the hotel has seen occupancy at up to 90 percent, said General Manager Brian McMorland.

"It's …