JACKSONVILLE- HOTEL BUSINESS. has learned that one of the financial divisions of CIGNA- Hartford, CT-based Times Square Real Estate Investments- is looking to acquire the 508-room Sawgrass Marriott here. If and when such a deal closes, many in the industry will be watching to see if this transaction serves as a harbinger of further institutional capital flowing into the lodging industrys ranks anytime soon.
Flying the Marriott flag for the past 12 years, the 4,800-acre Ponte Vedra Beach facility is currently owned by a Japanese entity and is managed by Pittsburgh-based Interstate Hotels Corp. At presstime, a spokesman for Times Square was noncommittal about the alleged deal, and local Marriott spokespersons could not confirm whether there might be a change of flag or management upon “the change of ownership” the property is currently undergoing. (9/18/00) –Michael Billig
