The owner of Sawgrass Marriott Golf Resort & Spa – which shot to fame last month as the venue for Tiger Wood’s public apology – has filed for bankruptcy in the United States.
RQB Resort LP filed for Chapter 11 bankruptcy protection, following a downturn in corporate and group bookings, court documents show. The resort listed estimated assets and liabilities of up to $500 million.
A debt of over $193 million in principal and accrued interest is owned to Goldman Sachs alone, the documents show, with the investment bank not been paid since August 2009.
The tough economic conditions have caused a significant downturn in business and consumer spending, including destination business conferences, which has adversely impacted the company’s operations, the filings show.
The 65 acre resort destination was recently ranked as the 42nd Best Golf Resort in the World by Golf Digest.
Lost in the Woods
Located in Ponte Vedra Beach, Florida, the venue was place in the world spotlight last month, as Tiger Woods, the world number one golfer, gave a public apology following alleged infidelity.
However, David Pillsbury, the president of PGA Tour Golf Course properties, explained to reporters the decision should have no bearing on the golf course, which is home to The Players Championship.
Mr Pillsbury explained the TPC Sawgrass is independently owned and managed by the PGA Tour.