Partridge Inn on Walton Way one step closer to new owners

The Partridge Inn

 

The historic Partridge Inn is one step closer to new ownership.

A $4.25 million online bid made on Auction.com has been approved by the seller, Miami-based LNR Partners LLC, a commercial mortgage special servicer.

The closing date has been tentatively set for Aug. 18, said Hunter Hotel Advisors Chief Operating Officer Lee Hunter, who is handling the listing for LNR Partners.

“Things are progressing forward,” Hunter said Thursday. “Normally it’s a two-and-a-half-month process, so this is going to go very quickly.”

On June 18, an online auction for the hotel at 2110 Walton Way ended at $4.25 million after 16 bids were placed during a two-day period. The sellers had about a month after the auction to make a decision on the sale.

The name of the top bidder has not been made public, but Hunter said the investment company that won the auction is based in the U.S. and likely will keep the property operating as a hotel. The boutique inn also had garnered interest from groups in western Europe and southeast Asia, he 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 P.I. Bar and Grill.

According to city records, the 1.3-acre property has a market value of just below $12 million. The auction listing showed the hotel generating more than $3.9 million in total revenue last year.

 

Auction for Partridge Inn pushed to June
Augusta's Partridge Inn listed on Auction.com
Partridge Inn up for online auction in April
Doubt clouds Partridge Inn's future
Augusta's Partridge Inn is up for foreclosure sale
HISTORY

The landmark building was originally built in 1836 as a personal home and was converted into The Partridge Inn in 1910.

After the late 1940s, the property entered a period of disrepair for nearly four decades. In the late 1980s, after facing demolition, the building was gutted and rebuilt.

In 2005, Walton Way Hotel LLC purchased the hotel for $8.1 million. The owners spent about $5.6 million on renovations just a year later. In July 2011, the entity defaulted on a $16 million loan and Walton Way Limited Partnership, the original lender and shell company for the group that owned Walton Way Hotel LLC, purchased the property in a foreclosure sale later that year.

LNR Partners LLC was brought in after the 2011 foreclosure to return the hotel to a stable footing.

Before the June auction, the property was pulled twice from Auction.com in 2013 and this May.

More