ATLANTA (Aug. 11, 2010) - The pending sale of Sea Island and its Chapter 11 bankruptcy filing are making national news this morning.
The Wall Street Journal prominently played a story about the "glittering resort" on the front of its Money & Investing section. WSJ reporters Carrick Mollenkamp and Lingling Wei are on the tony island, based on the article's Sea Island, Ga., dateline.
Several outlets reported news that Sea Island Co. had called a member meeting for 11 a.m. this morning to announce the sale. The Atlanta Journal-Constitution says Sea Island Chairman Bill Jones sent an e-mail to members last last night after the Journal reported Oaktree Capital and Avenue Capital had agreed to buy the 84-year-old resort for $197.5 million in cash.
The AJC played its story by Scott Trubey, who followed the Sea Island saga closely while at Atlanta Business Chronicle, and Dan Chapman on Page One. And this morning, Atlanta Business Chronicle posted a story saying Sea Island owes at least 1,000 creditors up to $1 billion, citing the bankruptcy filing.
Real Estate Rooster, the online news organization founded by Hardman Knox and Phillip Hight, determined the story warranted a special edition. Rooster crowed with the news at 6:03 a.m. today.
Now the big question is how will operations of The Lodge and The Cloister be affected? Early reports say they won't be. But the big funds buying Sea Island likely will have an eye toward making their investment pay off, and that could lead to some changes.
Either way, it's nice to see commercial real estate news in the limelight (even if it's not great news for Sea Island Co.).
Its great to see that people are sharing quite profitable information with each other and now we can move our selves to a new era.
Posted by: Dissertation topic | August 30, 2010 at 02:48 AM
A convention of pelicans on the Salton Sea and a view of the sea and mountains from the shores of the nearby State Park. Although the resort is isolated, its advantage is that is the only place where you get the winter-time benefits of desert living and also be close to the excellent birding area that is the Salton Sea. Love it Cheryl! You are amazing. Thank you for sharing this with us. New signoff? How about "see you in the sea"? Or, "see you under the sea"?
Posted by: viagra online | September 01, 2010 at 03:38 PM
It'll be interesting to see what the new owner does to nuture a nearly 200 million dolar investment.
Posted by: Kevin Porter | August 01, 2011 at 04:47 PM