Interesting. There's no question but that SI lost its focus over the last decade. It was once a great family destination. Not sure what it is now.
I assume that Frederica and the Cloister rebuild were the tipping points?
Bob
Bob,
The real tipping point was when Bill Jones III took over day-to-day mgmt of the company in 1993. He was only 35 then, and from day-1 was in WAY over his head.
At the time The Cloister was a Mobil 4-Star destination whereas it had once been 5-Stars. For whatever reason Jones III felt like he had to get that 5th Star back, at any cost. Long-time residents/visitors could have cared less about the 5th Star, or the 4th, 3rd, 2nd and 1st, for that matter.
This 5-Star quest consumed young Bill such that doors across the island had to be modified so he could get his head through them. As time passed he came to conclude that Sea Island had to be "the best" at everything so what he proceeded to do was:
- tear down a perfectly good Cloister hotel and build the current disaster that long-time residents refer to as "Las Vegas East".
- tear down a perfectly good Beach Club and put up the current disaster with day beds that look like they belong in Beverly Hills, I'm sure Paris Hilton will visit soon.
- tear down a perfectly good clubhouse at the Golf Club and put up a monster that is just ridiculous in the level of overkill -- 24/7 butlers, absurd!
- some of the golf course reno's are good, especially Davis's work at the old Island Club...but at what cost? What was a $65-85 green fee is now $275 on Seaside.
With these overall reno's have come astronomical price increases that really have alienated a large percentage of the old guard. Sea Island used to be about the jeep train to the end of the island for an oyster roast while you battle the bugs and locals sing by the fire -- now it's about new money and black tie events with Harry Connick Jr.
But the biggest mistake Jones III made was thinking he had to maximize return on assets like a public company is required to do -- so he went out and borrowed a TON of money and the Sea Island Company became a real estate development company first, with a little sideline in hospitality...
...end of story - game over.
The only chapter left to be written is who will be the new owner?
I bet right about now Bill III wishes he had the old Cloister back with only 2-Stars.
SM
PS...two interesting links, one from NYTs today:
http://www.nytimes.com/2008/10/01/us/01island.html?_r=1&scp=1&sq=sea%20island&st=cse&oref=sloginhttp://www.cigaraficionado.com/Cigar/CA_Features/CA_Golf_Detail/0,4475,70,00.html