Marriott International - which operates the 254-room hotel under the Renaissance name - said Tuesday it is shutting down PineIsle on November 4th.
The hotel said it would cost too much to update the property to make it competitive.
At least 150 permanent and 100 seasonal workers will lose their jobs.
Marriott's decision to let go of the property creates another opportunity for Gwinnett County businessman Virgil Williams and his family.
They agreed last week to buy the lease rights for Lake Lanier Islands for $14.5 million from CNL Hotels and Resorts. The company based in Orlando, Florida, holds a long-term lease on the property.
A spokesman for Williams - Shawn Davis - said the reopening of PineIsle is not assured. The cost of renovation is estimated at $25 million.
http://accesswdun.com/article/2005/8/128518