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Auction for bankrupt resort operator to take place October 11
Starwood Capital Group has teamed with Anschutz Entertainment Group in a bid to buy the Sea Island Co. luxury resorts out of bankruptcy, The Brunswick (Ga.) News reports. Neither the amount of the offer nor its terms were immediately available.
However, under rules set by the bankruptcy court, the bid had to top the $197.5 million that a partnership of two equity firms—Oaktree Capital Management of Los Angeles and Avenue Capital Group of New York—had negotiated with Sea Island Co. before it filed for Chapter 11 on Aug. 10.
Sea Island Co. ceo Bill Jones III said in a prepared statement, “We are supportive of a competitive auction process, and we are pleased to have moved one more critical step toward resolution. It is important for everyone to understand that this process ensures that the protections we negotiated in the (Oaktree-Avenue) offer for our members, employees and trade vendors will not be altered in any competing bid.”
The News said the Starwood-Anschutz group previously made a $199 million bid for the company at a bankruptcy hearing. However, the judge overseeing that case said the offer needed to be made via an auction.
The auction is slated for Oct. 11. Sea Island Co.'s assets including two luxury hotels, an upscale spa and four top-tier golf courses in Georgia.
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