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Augusta's Partridge Inn listed on Auction.com

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A new owner once again is being sought for The Partridge Inn.

The Partridge Inn, a historic boutique hotel, is up for auction for the second time since 2013.   FILE/STAFF
FILE/STAFF
The Partridge Inn, a historic boutique hotel, is up for auction for the second time since 2013.

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For the second time since 2013, owners of the historic boutique hotel have listed the property on the online real estate site, Auction.com.

In April 2013, the inn, which celebrated its 100th anniversary in 2010, was pulled from the site days before bidding was set to start at $2.5 million. This time, the Augusta landmark at 2110 Walton Way is scheduled to go to online buyers from May 19-21, with the opening bid at $2 million.

Walton Way Hotel LLC purchased the property in 2005 for $8.1 million and spent about $5.6 million on renovations just a year later.

In 2011, the hotel underwent foreclosure after the owners failed to make a monthly payment on its $16 million loan. Later that year, the inn was purchased by Walton Way Limited Partnership for $14 million.

Miami-based LNR Partners LLC was brought in by the investors to return the hotel to a “stable footing,” said Tijuana Jenkins, the director of sales and marketing for Hostmark Hospitality Group, which manages The Partridge Inn.

LNR Partners has funded capital improvements, such as exterior painting, roof repairs and updating guest room furnishings, made to the property since 2011.

“LNR is seeking, by taking the hotel to market, a buyer who wants to become part of the Augusta community and own the hotel for the longer term,” Jenkins said.

Jenkins said she was uncertain why the property was removed from the auction site last year and whether it could happen again. An attempt to reach the property’s Atlanta-based broker, Lee Hunter, the chief operating officer of Hunter Hotel Advisors, was not successful.

Business operations won’t be affected by the pending sale, Jenkins said.

The five-story hotel includes 144 guest rooms and suites, 10,000-square-feet of meeting and event space, a courtyard pool, and the Partridge Inn Bar and Grill. The 1.3-acre property is currently valued at just under $12 million, according to city maps.

The structure was originally built in 1836 as a private residence and was converted into The Partridge Inn in 1910. The property was gutted and rebuilt in the 1980s.

Last year, The Partridge Inn generated about $3.9 million in total revenue according to its Auction.com listing.

THE HISTORY OF THE PARTRIDGE INN

1836: The inn begins as a two-story home for Daniel and Elizabeth Meigs.

1892: New York hotelier Morris Partridge buys home, converting it to his personal home and small hotel.

1910: The Partridge Inn opens as a 60-room hotel.

1947: Inn enters a period of decline

1980s: The property is gutted and rebuilt.

1987: Inn reopens.

2005: Walton Way Hotel LLC buys the hotel for $8.1 million.

2006: New owners spend $5.6 million on renovations.

2011: Owners default on a $16 million loan; Walton Way Limited Partnership buys hotel for $14 million.

MARCH 2013: Hotel listed on Auction.com but later pulled

APRIL 2014: Hotel listed again on Auction.com, with bidding to start May 19

Source: Augusta Chronicle archives

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Riverman1
86814
Points
Riverman1 05/01/14 - 09:55 am
0
0
BonAir

We know what happened to the BonAir. My suggestion is for GRU to take over the Partridge for student housing for ASU students and MCG students. It's perfectly located between the two campuses.

Dixieman
15898
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Dixieman 05/01/14 - 02:19 pm
1
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$14 million to $2 million in three years?

$2 million minimum bid for a property that sold for $14 million in 2011? Not happening. I think there must be an agreement to assume the existing debt in there as a requirement which the story leaves out.

Cameron Poe
933
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Cameron Poe 05/01/14 - 12:50 pm
1
0
Riverman, I like you thinking

Riverman, I like you thinking outside of the box on this. But, if we want a different fate for the Partridge Inn than what has befallen the BonAir student housing is not the option. Students are tough on their housing just like GI's on barracks. And it will not be long before the place is beat up and called too old. The school will probably then say it's too expensive to repair the damage caused by the students and the property will either A) be torn down to make room for new housing or B) just be left to crumble like so many landlords in Augusta choose to do. If we are hoping to keep this landmark intact I don't think student housing is the route to take.

Riverman1
86814
Points
Riverman1 05/01/14 - 01:00 pm
0
0
Open to Suggestions

Cameron Poe, I'm open to suggestions. Along what lines are you thinking? A scaled down hotel? The current owners take a big loss and the new owners who don't pay that much for the property are able to manage with far less revenue?

Cameron Poe
933
Points
Cameron Poe 05/01/14 - 03:36 pm
1
0
Maybe. Or more marketing to

Maybe. Or more marketing to the local crowd. Promote themselves more as something similar to a day spa. Promote the restaurant a little more. Let some of the young folks know you can go out for a nice date at the P.I and it won't cost them an arm and a leg. Or, a great place to meet after work for a drink that isn't all the way uptown and not all the way downtown. I think if the new owners really wanted to get creative they could. A little innovation in their marketing could go a long long way. Im not even sure if some of the out of towners or new to the area are even aware of its existence. But, I will be the first to admit I have no real solutions for this problem. I would just hate to see another beautiful building in our city succumb to rot.

matjoe
30
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matjoe 05/01/14 - 10:07 pm
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Auction.com is a joke. They

Auction.com is a joke. They always use very low opening bids and they will secretly run the bid up. It is not as it seems.

jimbob
104
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jimbob 05/06/14 - 05:10 pm
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3.9 last year income

Makes it's value around 17 Million but it won't bring more than 12 Million on Auction.com even starting at 2 MILLION.

jimbob
104
Points
jimbob 05/06/14 - 05:12 pm
0
0
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