Sawgrass Marriott Files Chapter 11
Last month the Sawgrass Marriott Golf Resort & Spa was in the news as the setting for TIger Woods' mea culpa moment. This month the setting for the Woods' apology is in the news for a different reason, bankruptcy. RQB Resort LP filed for Chapter 11 bankruptcy protection listing estimated assets and liabilities of up to $500 million. A debt of over $193 million is owed to Goldman Sachs which has not been paid since August 2009.
The 65-acre resort has more than 500 rooms and has seen a drop in corporate and group bookings over the last year as a result of the struggling economy. The resort overlooks the Pete Dye-designed TPC Sawgrass Stadium Course famous for the 17th hole which has an island green. The course is the setting for the Players Championship each May. Sawgrass Marriott has the rights to the bulk of the tee times available on the popular course which draws many golfers each year. The hotel is continuing normal operations and hopes to emerge from bankruptcy to take advantage of the hoped-for economic resurgence in 2011.