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- 2014 - February - 21st -

Sawgrass Marriott up for sale

By Mark Basch, Contributing Writer

More than two years after acquiring the property in a bankruptcy reorganization, Goldman Sachs has put the Sawgrass Marriott Golf Resort & Spa up for sale, according to a real estate industry newsletter.

The report by Real Estate Alert said that Goldman Sachs has retained Eastdil Secured, a real estate investment banking firm, to find a buyer for the Ponte Vedra Beach resort.

Goldman Sachs did not respond to email and telephone requests for information, and Eastdil did not respond to a phone message Thursday.

Tom Manno, general manager of the Sawgrass Marriott, also did not respond to voicemail messages.

Goldman Sachs acquired the 26-acre property in 2011 after its previous owners filed for Chapter 11 bankruptcy reorganization.

Two Irish investment partnerships, RQB Resort LP and RQB Development LP, bought the Sawgrass Marriott for $220 million in 2006 and owed $193 million on a loan made by Goldman Sachs Mortgage Co.

After a drop in revenue during the recession, the RQB firms couldn’t make the loan payments. When Goldman Sachs filed a foreclosure lawsuit against RQB in early 2010, RQB filed for Chapter 11 in U.S. Bankruptcy Court in Jacksonville.

RQB tried and failed to come up with new investors and finally agreed to a reorganization plan that turned the property over to Goldman Sachs.

The resort includes a hotel with 348 guest rooms and two restaurants, golf villas with another 160 rooms and a beach club.

The resort also offers guests access to several neighboring golf courses, including exclusive access to The Players Stadium Course at TPC Sawgrass.

mbasch@baileypub.com

(904) 356-2466

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