Sea Island Resort Goes For $212M At Auction

Law360, New York (October 12, 2010, 4:47 PM EDT) -- Starwood Capital Group LP and three other companies made a high bid of $212 million for Sea Island Co., a luxury resort and real estate development company in Georgia that filed for bankruptcy in August after a costly expansion.

Starwood, Oaktree Capital Management LP, Avenue Capital Group and Anschutz Corp. joined forces to make the high bid at an auction held Monday in the U.S. Bankruptcy Court for the Southern District of Georgia, Sea Island spokesman Mike Geczi told Law360 Tuesday.

The bid by the four...
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