Starwood Capital enters bidding for Sea Island resort

SEA ISLAND, GEORGIA Starwood Capital Group has filed paperwork to be a certified bidder when Sea Island Co., owner of a pair of 5-star golf resorts, goes on the auction block next week.

Starwood Capital made a formal offer to the company and its creditors Monday, the deadline for potential buyers to give notice, The Associated Press reports. The offer is believed to exceed the US$197.5 million sale price the company negotiated with a joint venture between Oaktree Capital Management and Avenue Capital Group prior to filing for bankruptcy protection in August.

The previous agreement reached between the joint venture and Sea Island Co. would keep The Lodge at Sea Island Golf Club and The Cloister at Sea Island—along with affiliated golf and beach clubs—open for business. Additionally, Sea Island executives Bill Jones III and David Bansmer would retain their positions.