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.