The iconic King and Prince Beach & Golf Resort on St. Simons Island, Georgia, has been sold to a joint venture between South Street Partners, a private equity real estate investment firm based in Charleston, SC, and TPG Real Estate, a global asset management firm based in San Francisco. The sale marks the end of a 44-year ownership by Mississippi-based MMI Hospitality Group.
Despite the sale, MMI will continue to manage the resort and retain a minority equity interest in the property. The acquisition includes the 142-room Historic Hotels of America resort, beachfront condos, private homes, an 18-hole championship golf course, and developable land.
A comprehensive renovation is planned for the resort to enhance the guest experience. This investment signals a commitment to the future of the King and Prince, ensuring its continued success as a premier destination on St. Simons Island.
The decision to sell was driven by the desire to find the right partners to guide the resort into a new era. Micajah Sturdivant, CEO of MMI Hospitality Group, explained, “As the owner of such a legacy asset, we were frequently approached about a sale. However, the partnership between South Street and TPG created the right opportunity. We found the right partners in South Street, and Breakwater helped explore the terms of the transaction. South Street’s expertise will ensure the resort enters a new era of success.”
Breakwater, a hospitality investment, development, and advisory firm based in Charleston, SC, played a pivotal role in facilitating the sale. Matt Brendle, Managing Partner of Breakwater, emphasized the unique challenges of selling a “generational asset” like The King and Prince. He highlighted the collaboration with MMI to establish trust and model performance to attract institutional investors.
David Gaston, Partner at Breakwater, added, “We’ve paired several hospitality investors over the years, and this sale reflects Breakwater’s continued focus on advising and investing in hospitality assets.”
The involvement of South Street Partners and TPG brings significant expertise and resources to the King and Prince. South Street Partners, founded in 2009, manages over $2 billion in assets and owns renowned properties such as Kiawah Island and Palmetto Bluff. Their focus on resort and residential community investments aligns perfectly with the King and Prince’s future.
TPG, a global asset management firm founded in 1992, manages $224 billion in assets. The firm invests in a wide range of strategies, including private equity and real estate, and is known for its collaborative, innovative approach to investments.
This sale marks a significant step forward for The King and Prince Beach & Golf Resort, securing its future with the backing of experienced investors and operators. The resort is poised to continue its legacy as a beloved destination on St. Simons Island, offering guests a unique blend of history, luxury, and natural beauty.
