Amelia Island Plantation Gets AAA 4-Diamond Rating

[Cricket]

Could this be the kiss of death?
Hope not.

NASSAU COUNTY, Fla. -- One major tourist association is not concerned at all that Amelia Island Plantation is entering bankruptcy protection.

The Plantation announced today that, as has happened every year since 1980, they have received the AAA 4-Diamond rating through 2011.

In mid-November, a local investment group agreed to terms with the Plantation, in which the resort will file for Chapter 11 bankruptcy protection, but keep operating.

Chief Marketing Officer Richard Goldman said when the economy began to decline, fewer companies and corporations held events and meetings at Amelia Island Plantation which ultimately led to millions of dollars lost in revenue.

"Bookings for the leisure side of the business have been good. Of course, everyone is challenged right now," said Goldman.

He does not expect the bankruptcy filing to lead to any more layoffs. He said investors from the RMI group are a good sign.

"We've been looking for investors for a little over a year, and these folks are very appreciative of our positioning, and our belief of operating a resort in harmony with nature. They're ambition is to protect that," Goldman said.

Visitors this holiday season should not be concerned about the bankruptcy filing, he said. All holiday activities and events will still continue as in years past.

RMI member John Griswold is the president of Harbor Hotels LLC, and has more than 30 years experience running top-of-the-line hotels.

"Our investors believe in the potential for the long-term success of Amelia Island Plantation and are pleased to be able to provide the needed financial and strategic support to accomplish this in a professional and thoughtful way," said founding member Robert C. Smith. 

"All of us in RMI want to protect this little paradise we have come to love.  And, we are willing to put up our own money to assure its success far into the future."

With 700 employees, Amelia Island Plantation is one of the largest employers in Nassau County. In the past year and a half, resort employees have endured pay cuts and in some cases, layoffs.