Breakwater advises on the sale of The King and Prince Beach & Golf Resort on St. Simons Island

CHARLESTON, S.C., Sept. 3, 2024 /PRNewswire/ — Charleston, SC based Breakwater has advised on the sale of the iconic King and Prince Beach & Golf Resort (“King and Prince”) in St. Simons Island, GA. The Seller was Mississippi based MMI Hospitality Group (“MMI”), a family-owned and operated private investment partnership, who had owned the resort for the last 44 years. Under the terms of the agreement, MMI will continue to manage the property in addition to having minority equity interest. The Buyer was a joint venture between Charleston, SC based private equity real estate investment firm South Street Partners (“South Street”) and San Francisco, CA based TPG Real Estate (“TPG”). The acquisition includes the 142 room Historic Hotels of America resort which is the largest beachfront resort in coastal Georgia’s Golden Isles. It also includes an 18-hole championship golf course, beachfront condos, private homes, and developable land. A comprehensive renovation is planned.

“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 Partner 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, Partner with Breakwater

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

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 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. www.SouthStreetPartners.com

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $224 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. www.tpg.com

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SOURCE Breakwater