Two more bidders emerge to buy Amelia Island PlantationBy Mark Basch The Florida Times-Union, Jacksonville
Publication: Florida Times-Union (Jacksonville)
Date: Friday, July 30 2010
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Two more investors have submitted bids to buy the resort to compete with Noble Investment Group, which submitted the initial bid for the property.
The resort's owner, the Amelia Island Co., filed a Chapter 11 bankruptcy reorganization plan in May centered around a $45.9 million buyout bid for the resort by a fund associated with Noble. Atlanta-based Noble operates 50 hotels in 13 states and said that it intends to spend additional money to upgrade the Plantation's facilities, which include a 249-room oceanfront hotel, conference center, nine restaurants and four golf courses.
However, Noble's agreement to buy the resort is subject to other investors submitting higher bids. The bids were due by Thursday and while no details about them have been filed in court, two companies are offering more than $45.9 million, said Gardner Davis, special counsel for the Amelia Island Co. in the bankruptcy proceedings.
Davis said he couldn't reveal details about those bids, but he said the two companies are "top-flight hotel and hospitality investors" that are willing to spend additional money on the resort.
"All three bidders are committed to enhancing and expanding the operations of the Plantation," Davis said. "This points to a very bright future for the residents and employees of the Plantation."
The three bidders will have the opportunity to increase their bids at the auction on Aug. 23 in U.S. Bankruptcy Court in Jacksonville, with the highest bidder that day getting the property. A hearing to confirm the company's reorganization plan is scheduled for Aug. 26, which would allow Amelia Island Co. to emerge from bankruptcy.
Amelia Island Co. said in a court filing this week that it is "imperative" to confirm the plan "without delay."
"The company does not have sufficient funds to carry it through the slower winter months, and its going concern value will be lost if it were forced to shut its doors," the filing said.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.netwww.johnholbrook.blogspot.com
