Rescheduled Masters: Multiple Augusta Hotels Hit Hard, Including Patridge Inn
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Bloomberg’s Patrick Clark looks at the impact of a postponed Masters on Augusta, Georgia’s rental market and finds that multiple hotels are behind on loan payments. Including, sadly, the legendary Partridge Inn.
That’s bad news for properties like the Partridge Inn, a historic 143-room hotel that’s 60 days delinquent on its $15 million mortgage, according to an Oct. 19 report compiled by Wells Fargo & Co.
A representative for the owner -- listed in property records as Partridge Inn DE LLC -- declined to comment.
At least two more Augusta hotels are delinquent on loans that have been packaged into commercial mortgage-backed securities, data compiled by Bloomberg show. Several others are on servicer watch lists.
Even with the 2020 Masters rescheduled for this week, the fan-free status of the Masters means almost none of the normal demand for hotel rooms. Just one of many economic victims of this dreadful pandemic.
