Joint Venture to Purchase and Grow the Only Large-Scale, Beachfront Resort
in Coastal Georgia’s Golden Isles
ST. SIMONS ISLAND, Ga., Aug. 13, 2024 /PRNewswire/ — South Street Partners (“South Street”), a leading private equity real estate investment firm headquartered in Charlotte and Charleston, and TPG Real Estate, the dedicated real estate platform of global alternative asset management firm TPG, announced today that they have formed a joint venture (the “JV”) to acquire The King and Prince Beach & Golf Resort (“The King and Prince” or “the resort”), the largest beachfront resort in coastal Georgia’s Golden Isles.
South Street and TPG Real Estate are acquiring the resort and golf club from MMI Hospitality Group (“MMI”), a Mississippi-based, family-owned and operated private investment partnership focused on service industry businesses, who initially invested in the property nearly 45 years ago. The King and Prince will continue to be operated by MMI Hotel Group, their management division. The JV will focus on elevating the resort and club offerings, with plans for a comprehensive renovation to rooms and common spaces. This capitalization is the latest investment by South Street’s inaugural SSP GP Fund I. Breakwater, a Charleston-based hospitality investment, development, and advisory firm served as the exclusive agent to the seller.
Located on St. Simons Island, the 142-key resort campus spans nearly six acres with direct beach access and amenities that include bars and restaurants, resort style swimming pools, and sport courts. Guests can enjoy an 18-hole golf course at The King and Prince Golf Club, located just a few miles north of the hotel. The resort offers 10,000 square feet of meeting space, along with a tented lawn for events and celebrations. The property includes developable land and beachfront condos for purchase.
“This transaction represents a compelling opportunity to acquire the largest, beachfront resort located on St. Simons Island out of long-term family ownership. Both the resort and golf club complement our existing portfolio of exceptional assets located in high-growth, Southeastern markets. We are excited to be partnering with TPG on the acquisition; our teams are well-positioned to work with the Sturdivant family, MMI, and the local community to revitalize and re-launch this iconic asset through a comprehensive renovation over the next few years,” said Chris Randolph, Partner, South Street.
“This is a unique opportunity to acquire an irreplaceable resort that is positioned for continued growth through its beachfront location in a supply-constrained market,” said Tripp Johnson, Partner with TPG. “We are pleased to partner with South Street, which has a distinctive track record in transformational renovations of leisure hotels, and the Sturdivant family and MMI, with their deep local expertise, to support and enhance the asset.”
“We are honored to partner with South Street and TPG as we embark on the next great chapter of our beloved resort. Since 1980, The King and Prince and MMI’s legacies have been tightly interwoven, our ideals strategically aligned to curate a cherished vacation destination known for its authentic Southern hospitality, one that will endure for generations,” said Micajah P Sturdivant IV, Chief Executive Officer of MMI. “South Street and TPG truly appreciate the distinctive character of this iconic property, its rich history, and most importantly its significance to the Golden Isles. This collaboration will generate many new possibilities, and I am eager to see what the future holds.”
About South Street Partners
South Street Partners, one of the largest owners and operators of private residential club and resort communities in the United States – including Kiawah Island, Palmetto Bluff, The Cliffs, Naples Grande, Barnsley Resort, Elevation Hotel & Spa and Residences at Salamander – is a private equity real estate investment firm headquartered in Charlotte, NC and Charleston, SC. Founded in 2009, South Street, on behalf of SSP GP Fund I, their institutional joint venture partners and co-investment vehicles, has deployed over $1 billion of equity across resort, residential and commercial properties and has over $2 billion of assets under management. South Street acts as a principal investment platform as well as an operating partner and co-investor for institutional partners interested in special situations, opportunistic and value-add real estate investments in the Southeast and Sunbelt regions as well as other select continental US and international markets. SouthStreetPartners.com
About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com
About MMI Hospitality Group
MMI Hospitality Group has been owners of service-industry investments for more than 66 years. Our sixth-generation holding company seeks to take positions in future projects, but our primary objective is to form a property-specific framework for team members to maximize the attributes of the investments of others across the hospitality industry.www.MMIHospitality.com
About Breakwater
Breakwater is a vertically integrated hospitality investment, development, and advisory firm based in Charleston, SC. Founded in 2019, Breakwater has asset managed over $1 billion in hotel market value as well as completed over $200 million in value-add renovations. Breakwater is actively seeking hospitality investments for existing, new development, and redevelopment assets across the debt and equity capital stack within the United States. www.breakwaterco.com
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SOURCE South Street Partners
Originally published at https://www.prnewswire.com/news-releases/south-street-partners-and-tpg-acquire-the-king-and-prince-beach–golf-resort-on-st-simons-island-302220442.html
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