Augusta's Partridge Inn listed on Auction.com

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

 

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

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.

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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

See the auction listing for The Partridge Inn

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