Sawgrass Marriott Resort Likely To Change Hands | Real Estate
PONTE VEDRA, Fla. -- The Sawgrass Marriott Resort is likely to be taken over by Goldman Sachs under a new bankruptcy plan filed by the currrent owners.
Two Irish investment groups own the resort, but have been unable to come up with $132 million dollars in refinancing, so they filed a bankruptcy plan that will turn the property over to the mortgage holder, Goldman Sachs.
It could change hands within 60 days.
First Coast News has learned the current owners have been unable to invest in improvements to the property, but the large company taking over would likely invest to improve the value of the property for possible sale when the economy improves.
Attorney Gardner Davis, who represents Marriott, said he felt positively about this new developement. "I think this will be good result for the Marriott resort, it's employees, it's guests, and the Jacksonville area economy," said Davis.