Relief for Irish Florida investors as Goldman takeover bid fails

GOLDMAN Sachs Mortgage Co, owed nearly $200 million (€161.5m) by the Irish investors in Florida’s Sawgrass Marriott Resort, has failed in its bid to take over and sell off the company’s assets.

RQB, initially led by financier Niall McFadden and property developer Paddy Kelly, assembled up to 40 unnamed investors in 2006 to acquire the hotel with connections to the Professional Golfers’ Association (GPA) tour.

Mr Kelly no longer has any involvement in the project.