Sawgrass Marriott Resort files Chapter 11 bankruptcy
A San Jose bankruptcy attorney comments on the bankruptcy filing of Sawgrass Marriott Resort & Spa in Florida.
According to Bloomberg BusinessWeek, the Sawgrass Marriott Resort & Spa, filed for Chapter 11 bankruptcy on March 1, 2010. However, operations of the 508 room hotel where reporters camped out for the now infamous February 19th Tiger Woods apology statement he delivered from adjacent property of TPC Sawgrass, will remain 'business as usual' according to its owners. The Chapter 11 filing came after many unsuccessful attempts to restructure the hotel's debt to Goldman Sachs Commercial Mortgage Co. which has been reported to be in excess of $193 million. TPC Saqwgrass, the premiere location of the PGA Tour's Tournament Players Club network, whose Players Stadium Course was ranked ninth on Golf Digest’s list of America’s 100 Greatest Public Courses for 2009-2010, did not file bankruptcy.
"The current global economic environment and the fact that an agreement on a restructure with the lenders could not be reached," was the quote from Jeff Mayers, general manager of in a press release on March 1st on the majors reasons for the Chapter 11 bankruptcy filing. The good news for its employees and vendors is that no restructuring will occur there, according to the press release. Said Mayer, "This process will protect the resort and allow us to continue to operate business as usual."
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