Charleston, SC based Breakwater has advised on the sale of the iconic King and Prince Beach & Golf Resort (“King and Prince”) in St. Simons Island, GA. The Seller was Mississippi based MMI Hospitality Group (“MMI”), a family-owned and operated private investment partnership, who had owned the resort for the last 44 years. Under the terms of the agreement, MMI will continue to manage the property in addition to having minority equity interest. The Buyer was a joint venture between Charleston, SC based private equity real estate investment firm South Street Partners (“South Street”) and San Francisco, CA based TPG Real Estate (“TPG”). The acquisition includes the 142 room Historic Hotels of America resort which is the largest beachfront resort in coastal Georgia’s Golden Isles. It also includes an 18-hole championship golf course, beachfront condos, private homes, and developable land. A comprehensive renovation is planned.
“As the steward of a high barrier-to-entry, legacy asset, we are routinely approached about a sale. When Matt and David inquired, the correct considerations were given whereby we established a sense of cooperation that ultimately led to a much larger formal partnership. I released Breakwater to explore the terms of a transaction amongst their deep database of capable contacts and they delivered. South Street has the experience and capabilities to properly position the resort for another era.” Micajah Sturdivant, CEO of MMI Hospitality
“A generational asset can require a willingness to dig deep. MMI has been a great owner and operator of The King and Prince, but an investment held for nearly half a century usually takes time for fresh eyes to fully comprehend. We worked with the team on- and above-property to establish trust and model performance as an institutional partner appreciates. Our investment paid off such that these outstanding firms are now working together for the good of their investors, team members, guests and community.” Matt Brendle, Managing Partner with Breakwater
“We’ve been fortunate to discreetly pair a number of new and existing hospitality investors together over the years. While Breakwater is still very much in the business of advising other hotel owners, we are also transitioning into our own investing with exciting projects in Bozeman, MT and Augusta, GA.” David Gaston, Partner with Breakwater.
