Buying ‘Bahia Mar’, selling ‘Loggerhead’
USA: Suntex Marina Investors has made a significant investment in the Bahia Mar Yachting Center (BMYC) in Fort Lauderdale, Florida.
BMYC (above) is an outstanding destination, offering 250 slips capable of mooring vessels up to 300ft (91m) long along its 3,000ft (914m) parallel dock and more than 5,000ft (1,524m) of floating docks. The facility offers high-speed fuelling, free WiFi, cable television, in-slip pump-out, a marine store, dive shop and a marine maintenance provider.
The Bahia Mar hotel and upland property, which is immediately adjacent to the marina, will continue to be owned and managed by Jimmy and Kenny Tate of Tate Capital, LLC as a portfolio investment property for the Tate and Rok families of South Florida.
The Bahia Mar offers guests iconic beachside accommodation, shopping, dining and easy access to the countless marine-related services available in Fort Lauderdale. Bahia Mar is also the home of the world-renowned Fort Lauderdale International Boat Show – the country’s largest in-water show.
The investment in BMYC coincides with Suntex’s sale of its majority stake in the Loggerhead Marina portfolio to its joint venture partner Equity Lifestyle Properties. The move is intended to enable Suntex to focus its energy on wholly owned marinas in the portfolio and to create opportunities for geographic diversification.
The Suntex portfolio of marinas is located in California, Florida, Georgia, Iowa, Kentucky, Maryland, New Jersey, Oklahoma, Texas, Tennessee and Virginia.
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