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Partridge Inn up for online auction in April

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A historic Augusta hotel that underwent foreclosure in 2011 is on the market and up for auction in April.

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Online bidding for the The Partridge Inn, 2110 Walton Way, is scheduled for April 15-17 on a real estate auction Web site, Auction.com.  FILE/STAFF
FILE/STAFF
Online bidding for the The Partridge Inn, 2110 Walton Way, is scheduled for April 15-17 on a real estate auction Web site, Auction.com.

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Online bidding for the The Partridge Inn, 2110 Walton Way, is scheduled for April 15-17 on a real estate auction Web site, Auction.com.

The Partridge Inn went through foreclosure after Walton Way Hotel LLC failed to make a monthly payment on its $16 million loan, initially issued in 2006. The hotel, which remained open, was purchased in September 2011 for $14 million by Walton Way Limited Partnership.

Since that time, the hotel has been in transitional limbo, said Partridge Inn General Manager David McCartney.

LNR Partners LLC, based in Miami, was hired to improve the 177-year-old building and its business operations in order to prepare the property for the real estate market, McCartney said.

“The owners’ role was to return the hotel to stable operations,” said McCartney, whose company, Hostmark Hospitality Group, was hired by LNR Partners for that reason.

About $450,000 was spent on the property for capital improvements since it was acquired in 2011, McCartney said. Roof repairs, exterior painting, guest room furnishings and other renovations were made to the boutique hotel, he said.

The Partridge was originally built in 1836 as a private residence and was converted into a hotel in 1892. The five-story hotel has 144 guest rooms, 5,600 square feet of indoor meeting room and about 3,000 square feet of exterior meeting space. A $5.6 million renovation project was completed in 2006.

The Partridge Inn has a staff of about 75 employees. Events booked in advance won’t be affected by the pending sale, McCartney said.

“It’s going to be business as usual for the future,” he said.

The hotel’s market value is almost $12 million, said Monty Levy, the property broker and vice president for Atlanta-based HREC Investment Advisors.

The Partridge Inn is listed on Auction.com with a starting bid of $2.5 million. The hotel’s reserve price is undisclosed.

Auctions begin with a low amount to attract more buyers, said Jeff Swick, the customer service representative for Auction.com, which contains listings for residential and commercial properties that often have been in financial distress.

“About 80 percent of properties that are (listed for auction) will get sold,” he said.

Selling the property through an online auction, as opposed to more traditional methods, also attracts more interested buyers, Levy said.

“The idea is to expose the property to a large number of prospective buyers,” he said.

SEE THE LISTING

See the auction listing for the Partridge Inn at www.auction.com/Georgia/commercial-auction-asset/193006516-3528-2110-Walton-Way-AUGUSTA-GA-30904-B102.

Comments (18) Add comment
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triscuit
2856
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triscuit 03/12/13 - 04:50 pm
2
6
can you say "student housing

can you say "student housing for GRU?"

Gage Creed
15770
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Gage Creed 03/12/13 - 04:59 pm
4
3
Can you say Bon Air II?

Can you say Bon Air II?

Fiat_Lux
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Fiat_Lux 03/12/13 - 05:17 pm
5
4
It would be a great MCG-ASU location,

not so much for student housing (they'd just destroy it) but for alumni events and for housing guests of all kinds. It is a perfect hospitality / entertainment venue for THE ENTERPRISE(!).

Lord knows it would be a godsend for short-term housing of out-of-town families with sick kids when Ronald McDonald House is full, or a place to park people who are forcibly discharged but waiting on transportation to their homes. It would be flat-out wonderful if patients who need several days of treatment but don't need inpatient level care could stay some place like that. The MCG social workers would probably all die of shock and gratitude. MCG/GHSU/GRU would certainly benefit from having a version of the Memphis Grizzlies House.

I'm confident the appropriate people already have been approached. I hope they are talking to people like the Tarbuttons and buttonholing them for some significant, even stunning, financial investment. Call it The Tarbutton House, or some such. It's the least that beyond-wealthy regents can do after trashing Augusta with such total abandon and callousness.

Riverman1
79589
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Riverman1 03/12/13 - 05:42 pm
3
3
It would make a perfect dorm

I hope so, FiatLux. It would make a perfect dorm for ASU and other things mentioned. It's a beautiful and historic hotel. The alternative is not a good thing.

tom31510
312
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tom31510 03/12/13 - 06:12 pm
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3
President's mansion

Given it's location & grandeur I think it would be appropriate for GRU to purchase it as a permanent residence for Azziz. It could be called Grusome Manor. Ricardo could raise an endowment by doing a reality show; a modern day Downton Abby. The series 'Downtown Manor' would open the door to a movie/documentary division of the tourist board. R. Azziz giving it to the community again.

Conservative Man
5303
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Conservative Man 03/12/13 - 06:27 pm
2
1
Could be like,"Living on the

Could be like,"Living on the Lawn, or, "having a lawn room," at University of Virginia. Reserved for the best of the best as far as the senior student population goes. In other words, It is a huge honor.

justthefacts
20448
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justthefacts 03/12/13 - 08:40 pm
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0
Agree

"The alternative is not a good thing."

Dixieman
12962
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Dixieman 03/13/13 - 12:02 am
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0
DIXIEMAN NEEDS MANY MANY MORE POINTS!!

The new owners will be changing the name to... drumroll...."Georgia Regents Inn"!

InChristLove
22420
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InChristLove 03/12/13 - 09:45 pm
3
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Bite your tongue Dixieman!

Bite your tongue Dixieman!

corgimom
28176
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corgimom 03/13/13 - 04:39 am
2
3
Nobody can make a go of it,

Nobody can make a go of it, just like the Bon-Air. And yes, it'll probably be the Bon Air II.

Riverman1
79589
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Riverman1 03/13/13 - 07:42 am
2
1
Fiat Lux also had a good idea

Fiat Lux also had a good idea of using it as a special alumni house for events and so on.

Little Lamb
43923
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Little Lamb 03/13/13 - 08:00 am
3
0
Tarbutton

Dixieman has a good idea:

GRI

(pronounced Greye)

eyes rolling could be the logo

Cameron Poe
817
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Cameron Poe 03/13/13 - 08:19 am
2
0
Student Housing?

Student Housing? What? No. Does anyone realize how fast that beautiful building will be destroyed when you put student housing in? While I commend the idea of not letting it become the Bon Air II, I don't feel student housing is the answer. Allowing it to become student housing will only expedite the decay. Anyone who has lived in student housing can attest to that.

justthefacts
20448
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justthefacts 03/13/13 - 09:37 am
4
0
Hoping

It will be a shame if we are all telling our favorite PI anecdotes on here one day as they demolish it and put up a Pharmacy.

triscuit
2856
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triscuit 03/13/13 - 09:48 am
2
0
probably another Boardman LLC

probably another Boardman LLC will snap it up. But that would be a good thing...they eventually work magic on distressed buildings in town.

David Parker
7923
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David Parker 03/13/13 - 10:04 am
2
0
What's past is prologue

The view is spectacular and its history is rich. If someone can manage the business properly, it would succeed. Draw your own conclusions about previous owners/operators.

Riverman1
79589
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Riverman1 03/13/13 - 11:50 am
4
0
JTF said, " It will be a

JTF said, "
It will be a shame if we are all telling our favorite PI anecdotes on here one day as they demolish it and put up a Pharmacy."

I mean a verandah bar and grill. Where can you find something that unique around here? I sat there a few times, sipping drinks, trying to imagine what it was like in the Old South. I took on the mannerisms of Rhett Butler. I couldn't help myself. The place has to be put on a historic protection list.

Little Lamb
43923
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Little Lamb 03/13/13 - 11:53 am
1
0
Tower

Grooo could buy it, tear it down, and put the tower there for the monorail running from the Frog Hollow Campus to the Summerville Campus.

grinder48
1760
Points
grinder48 03/13/13 - 12:26 pm
0
0
No Section 8
Unpublished

Whatever happens, something needs to be done to prevent it from becoming like the Bon Air

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