Breakwater Facilitates Sale of The King and Prince Beach & Golf Resort
Located in Charleston, Breakwater has successfully guided the sale of the esteemed King and Prince Beach & Golf Resort. This celebrated resort boasts a rich history and has long been a key player in the region's hospitality scene.
Transaction Details
The seller, MMI Hospitality Group, is a family-run investment partnership from Mississippi that has proudly owned the King and Prince for 44 years. This deal allows MMI to maintain its management role while holding a minority equity interest in the property. The acquisition was made by a partnership between South Street Partners, a private equity firm based in Charleston, and TPG Real Estate from San Francisco.
Resort Features and Renovation Plans
This transaction includes the iconic 142-room resort, recognized as the largest beachfront property in Georgia's Golden Isles. It also encompasses an 18-hole championship golf course, beachfront condominiums, private residences, and additional land set aside for development. Plans for a comprehensive renovation of the resort are underway, aimed at enhancing its position in the competitive hospitality market.
Reactions from Industry Leaders
Micajah Sturdivant, CEO of MMI Hospitality, shared his satisfaction with the sales process: "When we considered selling, we found great cooperation with Breakwater, which led to a formal partnership. Their extensive network and market understanding were invaluable. South Street's expertise will help ensure the resort's ongoing success."
Investment Insights
In further remarks, Matt Brendle, Managing Partner at Breakwater, highlighted the value of new perspectives on such a generational asset. "Properties held for decades often benefit from fresh strategies and insights. Our collaboration has fostered trust with our partners, which ultimately creates value for investors, team members, and the local community."
Future Outlook for Breakwater
Breakwater is evolving towards its own investment opportunities beyond advisory services, with exciting projects on the horizon in Bozeman and Augusta as it continues to expand in the hospitality sector.
About Breakwater
Founded in 2019, Breakwater is a vertically integrated firm specializing in hospitality investment, development, and advisory services. It manages over $1 billion in hotel market value and has completed $200 million in value-add renovations. The company is actively seeking diverse hospitality investments in both established and developmental projects across the U.S.
About MMI Hospitality Group
With over 66 years of experience, MMI Hospitality Group focuses on property-specific strategies that enhance investment value within the hospitality sector.
About South Street Partners
South Street Partners is a leading owner and operator of resort and residential communities. The firm has invested over $1 billion in various properties, demonstrating a strong commitment to exceptional real estate investments throughout the southeastern U.S.
About TPG
TPG is a prominent global asset management firm with a diverse portfolio that includes real estate and private equity investments, recognized 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 a renowned beachfront resort located in the Golden Isles of Georgia, offering a blend of accommodations, golf, and direct beach access.
Who facilitated the sale of the King and Prince Resort?
Breakwater, a hospitality investment and advisory firm, played a crucial role in facilitating the sale, collaborating closely with both the sellers and buyers to ensure a seamless transaction.
What companies were involved in the sale?
The seller was MMI Hospitality Group, while the buyers included South Street Partners and TPG Real Estate.
What plans are in place for the resort?
There are plans for a comprehensive renovation of the resort, aimed at revitalizing the property and enhancing the overall guest experience.
What is the focus of Breakwater's future investments?
Breakwater is shifting its focus towards its own investments while continuing to provide advisory services to other hotel owners, with an emphasis on new development opportunities in the hospitality sector.
