A coastal Georgia resort is changing hands.
South Street Partners and TPG Real Estate formed a joint venture to acquire The King and Prince Beach & Golf Resort on St. Simons Island, Georgia, the firms announced.
The seller was MMI Hospitality Group , which initially invested in the property almost 45 years ago.
The joint venture is set to focus on “elevating the resort and club offerings,” which includes a comprehensive renovation to rooms and common spaces.
The 142-key resort spans nearly six acres. It has direct beach access, bars and restaurants, resort-style pools, and sports courts. The King and Prince Golf Club, a few miles north of the hotel, features an 18-hole golf course. The resort also has 10,000 square feet of meeting space, and a tented lawn for events.
The King and Prince Beach & Golf Resort was named to the National Register of Historic Places in 2005.
“This transaction represents a compelling opportunity to acquire the largest, beachfront resort located on St. Simons Island out of long-term family ownership,” Chris Randolph , partner at South Street, said in the announcement. “Both the resort and golf club complement our existing portfolio of exceptional assets located in high-growth, Southeastern markets.”
MMI Hotel Group , the management division of MMI Hospitality Group, will continue to operate The King and Prince.
“We are honored to partner with South Street and TPG as we embark on the next great chapter of our beloved resort,” CEO of MMI Micajah P. Sturdivant IV said in a statement. “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. 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.”
The Brunswick News reports that the acquisition could also usher in some changes to the special packages offered by the resort.
South Street Partners, a private equity real estate investment firm headquartered in Charlotte, North Carolina, and Charleston, South Carolina, is one of the largest owners and operators of private residential club and resort communities in the U.S.
TPG is a leading global alternative asset management firm, with $229 billion of assets under management.
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