Hotel that Hosts PGA Tour (and a Remorseful Tiger Woods) Files for Bankruptcy

When Tiger Woods emerged from sex rehab recently to apologize for his mortal sins, he chose as his place of repentance not a church, but a cheesy looking Marriott hotel. Well, ok, he is a golfer and he does live in the Sunshine State and the hotel -- the Sawgrass Marriott Resort in Ponte Vedra Beach -- is home to a PGA tournament worth some $9.5 million. Now, however, the hotel is also in hot water. The owners of the resort, RQB Resort LC, filed for bankruptcy yesterday, according to Bloomberg.com.

Turns out RQB's once friendly banker Goldman Sachs, known as either the Great Satan or the savviest money making machine on the planet, is forcing the resort into foreclosure because it hasn't paid back the $192.5 million it owes. That's probably what Goldman CEO Lloyd Blankfein earns over lunch. But still, Bloomberg reports that the bank "hasn't been paid since August," and we suspect they're getting nervous about balancing the books. According to court documents cited by Bloomberg, RQB had retained Jones Lang Lassalle to help it raise capital, but before Goldman accelerated the foreclosure process before those effort could bear fruit.

In this crappy economy, it turns out that a 508-room hotel with a famous PGA golf course -- this one features a 17th hole with a green on a island set in a small lake -- is as vulnerable as your home when the bankers call in the cards.