The Sawgrass Marriott Resort in Florida, where Tiger Woods issued his famous apology, has filed for Chapter 11 bankruptcy. Bloomberg reports:
RQB Resort LP listed assets and debt of as much as $500 million each in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Jacksonville, Florida. RQB Development also sought protection. The 508-room hotel resort has rights to 85 percent of starting times each day to the Players Stadium Course through 2089.
In July 2006, Goldman Sachs Commercial Mortgage Capital LP helped finance the $220.5 million purchase of the 65-acre resort in Ponte Vedra Beach by RBQ Resort and RBQ Development.
TPC Sawgrass, which didn’t file for bankruptcy, is the headquarters of the U.S. PGA Tour. Its Stadium Course, built to accommodate spectators, hosts the tour’s Players Championship, won last May by Sweden’s Henrik Stenson. The tournament has a $9.5 million purse.
RQB Resort is the owner of the hotel and cabana club. RQB Development is the owner of the golf villas, the spa and related development rights.
Although the Tiger correlation likely has no causal effect, it is interesting.