Rescheduled Masters: Multiple Augusta Hotels Hit Hard, Including Patridge Inn

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.

From Clark’s story:

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.