South Street and TPG Real Estate have set up a joint venture to acquire The King and Prince Beach & Golf Resort in Georgia's Golden Isles in the US from MMI Hospitality Group.

The move marks South Street's inaugural SSP GP Fund I’s newest investment. For this transaction, Charleston-based advisory company Breakwater was the exclusive agent to the seller.

South Street Partner Chris Randolph said: “This transaction represents a compelling opportunity to acquire the largest, beachfront resort located on St Simons Island out of long-term family ownership. Both the resort and golf club complement our existing portfolio of exceptional assets located in high-growth, Southeastern markets.

“We are excited to be partnering with TPG on the acquisition; our teams are well-positioned to work with the Sturdivant family, MMI, and the local community to revitalise and re-launch this iconic asset through a comprehensive renovation over the next few years.”

The joint venture looks to upgrade the 142-key resort and club offerings. Plans are on for an extensive revamp of rooms and common areas.

Located on St. Simons Island, the property will continue its operations under the MMI Hotel Group.

Covering nearly six acres, the resort provides direct beach access and features bars, restaurants, resort-style swimming pools, sports courts, 10,000ft² of meeting space, and a tented lawn for events.

The property also comprises additional developable land alongside beachfront condos for purchase.

MMI CEO Micajah P Sturdivant IV said: “South Street and TPG truly appreciate the distinctive character of this iconic property, its rich history, and most importantly its significance to the Golden Isles.

“This collaboration will generate many new possibilities, and I am eager to see what the future holds.”