South Street Partners and Tpg Acquire The King and Prince Beach & Golf Resort on St. Simons Island from Mmi Hospitality Group

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

USA, St. Simons Island, Georgia. September 20, 2024

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 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."