The statement released by the Sawgrass Marriott at the time of the filing read as follows: “This action is in response to the current global economic environment and the fact that an agreement on a restructure with the lenders could not be reached. This process will protect the resort and allow us to continue to operate business as usual. We are firmly committed to maintaining our world-class operation and foresee no changes in the day-to-day operations at Sawgrass Marriott Golf Resort & Spa.”
The story has been reported in a number of media outlets since the announcement last March, here are just a few:
Sunday Business Post:
Irish Investors in the Rough
Irish investors, including well-known names in the business world, could lose up to $90million they invested in the buyout of a hotel on the Sawgrass golf course in Florida. About 100 investors, mainly high-net worth individuals, were involved in the $220 million buyout of the Sawgrass Marriott Golf Resort & Spa at the height of the boom in July 2006. The investors include Philip Lynch, chief executive of investment firm On€51. More...
Florida Dream Resort's Value has Halved, say Irish Investors.
THE Irish owners of the Sawgrass Golf Resort and Spa believe the Florida property known for hosting Tiger Woods' February apology is worth less than half the $250m (€204m) they've ploughed into it.
The valuations emerged in a Jacksonville courtroom this week as Irish investors, including financier Niall McFadden, fended off an attempt to have the resort seized and sold. More...
Jacksonville Business Journal
Sawgrass Marriott Owners file for Chapter 11
The owners of the Sawgrass Marriott Golf Resort & Spa in Ponte Vedra Beach have filed for Chapter 11 bankruptcy protection.
Public records show RQB Resort LP and RQB Development LP filed for bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida yesterday, listing Goldman Sachs Group Inc. among its creditors and assets and debt of as much as $500 million each. More...
Sawgrass Marriott Case Summary