The Partridge Inn sale was completed Monday, with a planned $6 million renovation announced by its new ownership group.
The historic Walton Way hotel is now owned by Atlanta-based Partridge Inn Holdings LLC and will be managed by NorthPointe Hospitality Management LLC, according to a news release.
The first phase of the renovation project will begin immediately and include structural and cosmetic work. The hotel’s guest rooms, meeting and public spaces also will be remodeled.
The P.I. Bar and Grill will temporarily operate on a new dining schedule, which will include only breakfast, dinner and Sunday brunch.
The project is expected to be finished by March 2015.
“This hotel represents an investment not just in the physical property, but in Augusta’s bright future as well,” said Greg Winey, president of NorthPointe Hospitality, also based in Atlanta. “The hotel’s excellent location, storied history, and architectural charm make it poised to reclaim its place as the city’s premier lodging and special events destination. We look forward to returning The Partridge Inn to its proper standing as Augusta’s icon of Southern hospitality and a market leader.”
Partridge Inn Holdings placed the top bid of $4.25 million during an online auction in June.
The closing date was scheduled today.
The five-story boutique hotel, converted into The Partridge Inn in 1910, includes 144 guest rooms and suites, 10,000 square feet of meeting and event space and a courtyard pool.
Ownership of the landmark property changed hands in 2005, when Walton Way Hotel LLC purchased the hotel for $8.1 million. 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.
Rick Patton, managing partner for Partridge Inn Holdings, was part of Walton Way Hotel LLC that spent $5.6 million on renovations to the property in 2006.
“I am so gratified to have the opportunity to return to the hotel and finish what we had hoped to complete in 2006,” he said, in the news release. “With both ownership and management responsibilities, we are vested in the success of The Partridge Inn and are here to see it through for the long run.”