CHARLESTON, S.C., Sept. 3, 2024 /PRNewswire/ — Charleston, SC based totally Breakwater has suggested at the sale of the enduring King and Prince Seaside & Golfing Hotel (“King and Prince”) in St. Simons Island, GA. The Dealer used to be Mississippi based totally MMI Hospitality Workforce (“MMI”), a family-owned and operated non-public funding partnership, who had owned the hotel for the closing 44 years. Beneath the phrases of the guarantee, MMI will proceed to govern the estate along with having minority fairness hobby. The Purchaser used to be a three way partnership between Charleston, SC based totally non-public fairness actual property funding company South Boulevard Companions (“South Street”) and San Francisco, CA based totally TPG Actual Property (“TPG”). The purchase contains the 142 room Historical Resorts of The united states hotel which is the most important beachfront hotel in coastal Georgia’s Blonde Isles. It additionally contains an 18-hole championship golfing path, beachfront condos, non-public properties, and developable land. A complete renovation is deliberate.
“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 Spouse 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, Spouse with Breakwater
About Breakwater
Breakwater is a vertically built-in hospitality funding, building, and advisory company based totally in Charleston, SC. Based in 2019, Breakwater has asset controlled over $1 billion in lodge marketplace price in addition to finished over $200 million in value-add renovations. Breakwater is actively looking for hospitality investments for current, unutilized building, and redevelopment property around the debt and fairness capital stack inside of the US. www.breakwaterco.com
About MMI Hospitality Workforce
MMI Hospitality Workforce has been homeowners of service-industry investments for greater than 66 years. Our 6th year maintaining corporate seeks to shoot positions in date initiatives, however our number one goal is to method a property-specific framework for workforce participants to maximise the attributes of the investments of others around the hospitality {industry}. www.MMIHospitality.com
About South Boulevard Companions
South Boulevard Companions, one of the most greatest homeowners and operators of personal residential membership and hotel communities in the US – together with Kiawah Island, Palmetto Bluff, The Cliffs, Naples Grande, Barnsley Hotel, Elevation Resort & Spa and Flats at Salamander – is a personal fairness actual property funding company headquartered in Charlotte, NC and Charleston, SC. Based in 2009, South Boulevard, by and for SSP GP Treasure I, their institutional three way partnership companions and co-investment automobiles, has deployed over $1 billion of fairness throughout hotel, residential and business homes and has over $2 billion of property underneath control. South Boulevard acts as a essential funding platform in addition to an running spouse and co-investor for institutional companions keen on particular statuses, opportunistic and value-add actual property investments within the Southeast and Sunbelt areas in addition to alternative make a choice continental US and world markets. www.SouthStreetPartners.com
About TPG
TPG is a eminent international additional asset control company, based in San Francisco in 1992, with $224 billion of property underneath control and funding and operational groups around the globe. TPG invests throughout a widely various poised of methods, together with non-public fairness, have an effect on, credit score, actual property, and marketplace answers, and our distinctive technique is pushed by means of collaboration, innovation and inclusion. Our groups mix deep product and sector revel in with huge functions and experience to create differentiated insights and upload price for our investmrent buyers, portfolio corporations, control groups, and communities. www.tpg.com
SOURCE Breakwater
