South Street and TPG Real Estate have formed a joint venture to acquire The King and Prince Beach & Golf Resort in Georgia’s Golden Isles, USA from MMI Hospitality Group.
The move represents the first investment by South Street’s SSP GP Fund I. Charleston-based advisory firm Breakwater acted as the seller’s sole agent in the transaction.
South Street partner Chris Randolph said, “This transaction represents an attractive opportunity to acquire the largest beachfront resort on St. Simons Island from long-standing family ownership. Both the resort and golf club complement our existing portfolio of exceptional assets in high-growth markets in the Southeast.
“We are excited to partner with TPG on the acquisition. Our teams are well positioned to work with the Sturdivant family, MMI and the local community to revitalize and reinvent this iconic property through a comprehensive renovation over the next few years.”
The joint venture aims to upgrade the resort and club offering with 142 rooms. A comprehensive renovation of the rooms and common areas is planned.
Located on St. Simons Island, the property will continue operations under the MMI Hotel Group.
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The resort spans nearly six acres, offers direct beach access, and features bars, restaurants, resort-style swimming pools, sports courts, 10,000 square feet of meeting space, and a covered lawn for events.
The property also includes additional developable land and beachfront condos available for purchase.
MMI CEO Micajah P Sturdivant IV said: “South Street and TPG value the distinctive character of this iconic property, its rich history and, most importantly, its significance to the Golden Isles.
“This collaboration will create many new opportunities and I am excited to see what the future holds.”
