The decision is the first major step in a process started inlate January, in which Sea Island's board of directors expects toidentify a buyer or investor to help address near-term loanobligations, including a $35-million loan payment that was due lastmonth. The board further states that New York City-based GoldmanSachs has the support of its lending group, led by Columbus Bankand Trust.

"We have dealt with uncertainty long enough and I am confidentthat this review will provide us an opportunity to build a solidfinancial foundation for our future," Bill Jones III, Sea Islandchairman and CEO, stated in a release. He credited resort employeesfor pulling together and maintaining "five-star" service throughoutthe process.

Sea Island Resort, which opened in 1926, encompasses theCloister at Sea Island and the Lodge at Sea Island Golf Club. Theresort gained worldwide notoriety as the site of the G8 Summit in2004.