A second bidder will compete to buy the Sea Island Company when the coastal Georgia resort owner is sold at auction next week after filing for bankruptcy protection.
Starwood Capital Group made a formal offer to the company and its creditors Monday, the deadline for potential buyers to give notice.
The offer means Starwood has pledged to pay more than the $197.5 million that a partnership of two equity firms -- Oaktree Capital Management and Avenue Capital Group -- had negotiated with Sea Island before it filed for Chapter 11 protection in August.
No other bidders made offers before the deadline. Sea Island's four resort hotels, three golf courses and two private clubs will be sold at auction next Monday in Atlanta.