Sea Island, Georgia
Encyclopedia
Sea Island is an affluent resort island located in the barrier islands just off the Atlantic
coast of southern Georgia
in the United States
. The resort complex is located in an unincorporated
Glynn County
.
Sea Island is part of the group of islands known as the Golden Isles of Georgia
, which include Jekyll Island, St. Simons Island, and Little St. Simons Island
. Visitors to the resort island travel across a long causeway that crosses marshland. This area was immortalized by 19th-century poet Sidney Lanier
in 'The Marshes of Glynn
" (1878).
Land on Sea Island is owned by the Sea Island Company, and public access is limited. In addition, the company owns property off the island limits on St. Simons Island. The Sea Island Company is managed by the Chairman and CEO, Bill Jones III. Jones is a known cigar fancier. In an interview with Cigar Aficionado magazine, he discussed the expansion of Sea Island and was quoted as saying, "The banks almost pay you to borrow money today."http://www.cigaraficionado.com/Cigar/CA_Features/CA_Golf_Detail/0,4475,70,00.html Jones III is also the foremost turkey-call collector in the world. His collection numbers in the hundreds and is thought to be worth several million dollars.
of the Group of Eight
leaders at Sea Island. As with previous sites of the G8
meeting, the venue is remote, easily secured, and has luxurious accommodations. As part of the security measures, the Department of Homeland Security
(DHS) designated the summit
a National Special Security Event
(NSSE). DHS also began to deal with another NSSE: the state funeral of former U.S. president Ronald Reagan
.
The venue was specifically chosen to control access to the conference. The geographic isolation was enhanced by positioning the International Media Center for the Sea Island summit in Savannah
, 80 miles away on the Georgia mainland. Protestors and demonstrations were effectively marginalized, in part because the conference venue was located in a nearly inaccessible place. The island's security cordon was enhanced when the Governor of Georgia declared a state of emergency in six counties, which began on May 25, 2004 to deal with the potential danger of violence or damage by demonstrators during the Group of 8 economic summit.
Atlantic Ocean
The Atlantic Ocean is the second-largest of the world's oceanic divisions. With a total area of about , it covers approximately 20% of the Earth's surface and about 26% of its water surface area...
coast of southern Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The resort complex is located in an unincorporated
Unincorporated area
In law, an unincorporated area is a region of land that is not a part of any municipality.To "incorporate" in this context means to form a municipal corporation, a city, town, or village with its own government. An unincorporated community is usually not subject to or taxed by a municipal government...
Glynn County
Glynn County, Georgia
Glynn County is a county located in the U.S. state of Georgia. As of 2000, the population was 67,568. The 2008 Census Estimate showed a population of 75,884...
.
Sea Island is part of the group of islands known as the Golden Isles of Georgia
The Golden Isles of Georgia
The Golden Isles of Georgia are a group of four barrier islands on the 100-mile-long coast of Georgia on the Atlantic Ocean. They include St. Simons Island, Sea Island, Jekyll Island, Little St. Simons Island, and Historic Brunswick. They are part of the Sea Islands.Since the American Civil War,...
, which include Jekyll Island, St. Simons Island, and Little St. Simons Island
Little St. Simons, Georgia
Virtually untouched for centuries, Little St. Simons Island is a barrier island located on the coast of Georgia , and is one of the least developed of Georgia's Golden Isles. The island covers an area of and boasts of beaches. Little St. Simons Island is located slightly east and north of St....
. Visitors to the resort island travel across a long causeway that crosses marshland. This area was immortalized by 19th-century poet Sidney Lanier
Sidney Lanier
Sidney Lanier was an American musician and poet.-Biography:Sidney Lanier was born February 3, 1842, in Macon, Georgia, to parents Robert Sampson Lanier and Mary Jane Anderson; he was mostly of English ancestry. His distant French Huguenot ancestors immigrated to England in the 16th century...
in 'The Marshes of Glynn
The Marshes of Glynn
The Marshes of Glynn is one of Sidney Lanier's poems featured in "Hymns of the Marshes," an unfinished set of lyrical nature poems that describe the open salt marshes of Glynn County in coastal Georgia. The poem describes a marsh in detail, while evoking senses of patience and common decency.In...
" (1878).
History
This relatively secluded area has drawn developers and other investors since the first two decades of the 20th century:- 1911 -- Howard E. CoffinHoward E. CoffinHoward Earle Coffin was an American engineer and industrialist. He was one of the founders of the Hudson Motor Car Company with Roy D. Chapin...
(vice president of the Hudson Motor Company) purchased 20,000 acres (81 km²) of land on nearby Sapelo IslandSapelo IslandSapelo Island is a state-protected island located in McIntosh County, Georgia. The island is reachable only by airplane or boat, with the primary ferry coming from the Sapelo Island Visitors Center in McIntosh County, Georgia, a seven mile , twenty-minute trip.Approximately 97 percent of the...
; and he began developing it as a private retreat. - 1926 -- Coffin purchased what was formerly called Long Island; and he renamed it Sea Island.
- 1927 -- "The Plantation" golf course was built.
- 1928 -- Coffin began an overnight inn and lodge, named "The Cloister."
Land on Sea Island is owned by the Sea Island Company, and public access is limited. In addition, the company owns property off the island limits on St. Simons Island. The Sea Island Company is managed by the Chairman and CEO, Bill Jones III. Jones is a known cigar fancier. In an interview with Cigar Aficionado magazine, he discussed the expansion of Sea Island and was quoted as saying, "The banks almost pay you to borrow money today."http://www.cigaraficionado.com/Cigar/CA_Features/CA_Golf_Detail/0,4475,70,00.html Jones III is also the foremost turkey-call collector in the world. His collection numbers in the hundreds and is thought to be worth several million dollars.
- 2003 -- The Sea Island Company closed the main building of The Cloister. After 75 years of service, it replaced the building with a new one.
- 2004 -- Sea Island hosts the G8 Summit.
- 2006 -- The new main building opened along the Black Banks River on the west side of Sea Island. In addition, the spa, tennis center, stables and docks were opened.
- 2007 -- A new Beach Club was opened.
- 2008 -- Sea Island Company announced layoffs affecting approximately 500 employees, or 25% of the workforce.
- 2009 -- Sea Island Company made history by receiving four Five-Star awards from the Mobil Travel Guide, for The Cloister, The Lodge at Sea Island, the Georgian Room at The Cloister, and The Cloister Spa.
- April 2009 -- Synovus announces that Sea Island Company defaulted on its loans and that the banks would work to restructure the loan package.
- July 2009 -- Coughlin Stoia Geller Rudman & Robbins LLP filed a US District Court class action lawsuit against Synovus Financial Corp. on behalf of an institutional investor, alleging that the defendants harmed Synovus investors by failing to disclose its exposure to the Sea Island Company and "the deteriorating condition of Sea Island".
- July 2009 -- Sea Island announces that Synovus and Bank of America have restructured a $400,000,000 loan packagehttp://atlanta.bizjournals.com/atlanta/stories/2009/08/03/newscolumn5.html.
- October 2009 -- The Sea Island company places large tracts of undeveloped land on the market in order to raise funds to pay down debthttp://atlanta.bizjournals.com/atlanta/blog/on_the_market/2009/10/debt-ridden_sea_island_selling_land.html.
- November 2009 -- Wells Fargo takes over the deed to Sea Island's Frederica property to settle a loan estimated to be $140mm to $150mm. Wells Fargo also took ownership of other pieces of vacant land including Cannon's Point http://www.bloomberg.com/apps/news?pid=20601103&sid=apIj87yPcV3I.
- January 2010 -- Sea Island defaults on the restructured loan package, the second default in less than 12 monthshttp://www.allbusiness.com/banking-finance/banking-lending-credit-services/13820354-1.html.
- February 2010 -- Sea Island announces that Goldman Sachs has been hired to assess strategic options including the possible sale of the companyhttp://www.businessweek.com/news/2010-02-18/sea-island-hires-goldman-sachs-to-consider-sale-of-resort-firm.html.
- August 2010 -- Sea Island Company files for Chapter 11 Bankruptcy and sells its assets to Oaktree Capital ManagementOaktree Capital ManagementOaktree Capital Management, L.P. is a global investment management corporation with about US$82.4 billion of assets under management. Oaktree's mission is to provide management with a primary emphasis on risk control in a limited number of sophisticated investment specialties...
and Avenue Capital GroupAvenue Capital GroupAvenue Capital Group is an American investment firm focusing on distressed securities and private equity with regional teams focusing on opportunities in the United States, Europe and Asia. The firm operates as both a private equity firm and as a hedge fund...
. - October 2010 -- Sea Island acquired for $212.4 million by four firms 'Oaktree Capital Management LP','Avenue Capital Group','Anschutz Corp' and 'Starwood Capital Group Global'.
G8 summit
In June 2004 (June 8–10), the Sea Island Company hosted a summit30th G8 summit
The 30th G8 summit took place in Sea Island, Georgia, United States, on June 8 – June 10, 2004.-Overview:The Group of Seven was an unofficial forum which brought together the heads of the richest industrialized countries: France, Germany, Italy, Japan, the United Kingdom, the United States and...
of the Group of Eight
G8
The Group of Eight is a forum, created by France in 1975, for the governments of seven major economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. In 1997, the group added Russia, thus becoming the G8...
leaders at Sea Island. As with previous sites of the G8
G8
The Group of Eight is a forum, created by France in 1975, for the governments of seven major economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. In 1997, the group added Russia, thus becoming the G8...
meeting, the venue is remote, easily secured, and has luxurious accommodations. As part of the security measures, the Department of Homeland Security
United States Department of Homeland Security
The United States Department of Homeland Security is a cabinet department of the United States federal government, created in response to the September 11 attacks, and with the primary responsibilities of protecting the territory of the United States and protectorates from and responding to...
(DHS) designated the summit
30th G8 summit
The 30th G8 summit took place in Sea Island, Georgia, United States, on June 8 – June 10, 2004.-Overview:The Group of Seven was an unofficial forum which brought together the heads of the richest industrialized countries: France, Germany, Italy, Japan, the United Kingdom, the United States and...
a National Special Security Event
National Special Security Event
A National Special Security Event is an event of national or international significance deemed by the United States Department of Homeland Security to be a potential target for terrorism or other criminal activity...
(NSSE). DHS also began to deal with another NSSE: the state funeral of former U.S. president Ronald Reagan
Death and state funeral of Ronald Reagan
On June 5, 2004, Ronald Reagan, the 40th President of the United States, died after having suffered from Alzheimer's disease for nearly a decade. His seven-day state funeral followed, spanning June 5–11...
.
The venue was specifically chosen to control access to the conference. The geographic isolation was enhanced by positioning the International Media Center for the Sea Island summit in Savannah
Savannah, Georgia
Savannah is the largest city and the county seat of Chatham County, in the U.S. state of Georgia. Established in 1733, the city of Savannah was the colonial capital of the Province of Georgia and later the first state capital of Georgia. Today Savannah is an industrial center and an important...
, 80 miles away on the Georgia mainland. Protestors and demonstrations were effectively marginalized, in part because the conference venue was located in a nearly inaccessible place. The island's security cordon was enhanced when the Governor of Georgia declared a state of emergency in six counties, which began on May 25, 2004 to deal with the potential danger of violence or damage by demonstrators during the Group of 8 economic summit.
External links
- Sherpa Guide
- Sea Island Resorts
- Sea Island Residential Properties
- Article about road privatization
- http://74.125.95.132/search?q=cache:mqinwuFf-AIJ:www.crn.com/tools/quotes/index.jhtml/%3FAccount%3Dcrn%26GUID%3D9346625%26Page%3DMediaViewer%26Ticker%3DSNV+CRN+resort+synovus&cd=6&hl=en&ct=clnk&gl=us&client=firefox-a