PGA Tour resort files for Chapter 11

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The Sawgrass Marriott Resort, the Ponte Vedra Beach site of the U.S. PGA Tour’s Tournament Players Championship, has filed for Chapter 11 bankruptcy protection. Owner RQB Resort said in the bankruptcy filing yesterday that assets and debt on the property total up to $500 million, each. RBQ Resort and RBQ Development purchased the 65-acre, 508-room hotel and resort in June 2006 for $220.5 million and spent $30 million to upgrade it. The acquisition was financed in part by Goldman Sachs Commercial Mortgage Capital, which was owed about $192.5 million as of Jan. 10 and has not been paid since August. In June, Goldman told the RBQ that it wanted to foreclose on the property. The Sawgrass is also recently famous as the site of Tiger Woods’ Feb. 19 apology for his infidelity, though the TPC Sawgrass golf club did not file for bankruptcy along with its partner resort. [Bloomberg]