Billion dollar spend on US marinas
USA: Suntex Marina Investors, the largest stand-alone marina owner in the US, and Centerbridge Partners have established a Joint Venture (JV) backed by Centerbridge-affiliated funds and global institutional investors to acquire over US$1.25 billion in new marinas across the United States.
The funds will be used to support new acquisitions and capital improvements at recently acquired facilities, as well as for several development projects across the country. The day-to-day operations of the JV will be managed by Suntex, for which it will receive customary fees. The transaction further expands Suntex’s partnership with Centerbridge, which first invested in the company in 2021.
In connection with the transaction, the JV also closed on a revolving credit facility of up to $600 million.
“We’re thrilled to close on this joint venture to usher in new growth for Suntex Marinas,” said Bryan Redmond, CEO Suntex Marinas. “While our team continues to increase our interest in new acquisitions, a portion of these funds are going to be dedicated towards redevelopment and enhancement of new marinas as well. We have an incredible opportunity to further grow our network from coast to coast and improve upon the Suntex experience. We are confident that our guests will enjoy what we have in store.”
“The marina industry has shown consistently strong fundamentals for many years as enthusiasts have invested in more and bigger boats while the availability of high-quality marinas and boat storage remains scarce,” said William Rahm, chairman Suntex Marinas and global head of real estate Centerbridge Partners. “Bryan and the Suntex team have a demonstrated track record of acquiring quality properties, enhancing operations for customers and adding value though accretive capital investments.”
Read more on sales and acquisitions in our NEW regular section ‘Buying & Selling Marinas’ p.37
