Breakwater Facilitates Sale of Iconic King and Prince Resort
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Breakwater Facilitates Sale of The King and Prince Beach & Golf Resort
Based in Charleston, Breakwater has successfully advised on the sale of the renowned King and Prince Beach & Golf Resort. This esteemed resort has a rich history and has been a cornerstone of hospitality in its region.
Details of the Transaction
The seller, MMI Hospitality Group, a family-operated investment partnership from Mississippi, proudly owned the King and Prince for 44 years. The deal allows MMI to continue its management role while also maintaining a minority equity interest in the property. The acquisition was made by a partnership of South Street Partners, a private equity firm from Charleston, and TPG Real Estate from San Francisco.
Resort Features and Renovation Plans
This transaction includes the iconic 142-room resort, celebrated as the largest beachfront property in Georgia's Golden Isles. Additionally, it encompasses an 18-hole championship golf course, beachfront condominiums, private residences, and additional land designated for development. Plans for a comprehensive renovation of the resort are also in the works, promising to elevate its standing in the competitive hospitality market.
What Leaders Are Saying
Micajah Sturdivant, CEO of MMI Hospitality, expressed satisfaction with the sales process: "When approached about a sale, we found cooperation with Breakwater, which led to a formal partnership. Their network and understanding of the market proved invaluable. South Street's expertise will position the resort for continued success."
Investment Insights
In further comments, Matt Brendle, Managing Partner with Breakwater, emphasized the importance of fresh perspectives on such a generational asset. "A property held for decades often benefits from new strategies and outlooks. Our collaboration has generated trust with our partners, which translates into value for investors, team members, and the local community."
Future Outlook for Breakwater
Breakwater is transitioning towards its own investment opportunities beyond advisory services, eyeing exciting projects in Bozeman and Augusta as it continues its growth in the hospitality sector.
About Breakwater
Founded in 2019, Breakwater is a vertically integrated hospitality investment, development, and advisory firm. It manages over $1 billion in hotel market value and has executed $200 million in value-add renovations. The company seeks diverse hospitality investments in established and developmental projects throughout the U.S.
About MMI Hospitality Group
Operating for over 66 years, MMI Hospitality Group emphasizes property-specific strategies that enhance investment value across the hospitality sector.
About South Street Partners
South Street Partners is a prominent owner and operator of resort and residential communities. The firm has invested over $1 billion in various properties, showcasing a commitment to exceptional real estate investments across the southeastern U.S.
About TPG
TPG is a leading global asset management firm with a diverse portfolio that includes real estate and private equity investments, known for its collaborative and innovative approach.
Frequently Asked Questions
What is the King and Prince Beach & Golf Resort?
The King and Prince Beach & Golf Resort is an iconic beachfront resort in the Golden Isles of Georgia, offering a mix of accommodations, golf, and beachfront access.
Who facilitated the sale of the King and Prince Resort?
Breakwater, a hospitality investment and advisory firm, facilitated the sale, working closely with both sellers and buyers to ensure a smooth transaction.
What companies were involved in the sale?
The seller was MMI Hospitality Group, and the buyers included South Street Partners and TPG Real Estate.
What plans are in place for the resort?
Plans for a comprehensive renovation of the resort are underway, aimed at rejuvenating the property and enhancing guest experiences.
What is the focus of Breakwater's future investments?
Breakwater is shifting towards its own investments while continuing to advise other hotel owners, with a focus on new development opportunities in the hospitality sector.
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