The decision is the first major step in a process started in late January, in which Sea Island's board of directors expects to identify a buyer or investor to help address near-term loan obligations, including a $35-million loan payment that was due last month. The board further states that New York City-based Goldman Sachs has the support of its lending group, led by Columbus Bank and Trust.

"We have dealt with uncertainty long enough and I am confident that this review will provide us an opportunity to build a solid financial foundation for our future," Bill Jones III, Sea Island chairman and CEO, stated in a release. He credited resort employees for pulling together and maintaining "five-star" service throughout the process.

Sea Island Resort, which opened in 1926, encompasses the Cloister at Sea Island and the Lodge at Sea Island Golf Club. The resort gained worldwide notoriety as the site of the G8 Summit in 2004.