SuperyachtNews.com - Business - Suntex Marinas sign billion dollar joint venture

By Conor Feasey

Suntex Marinas sign billion dollar joint venture

One of the largest marina operators in the US has secured significant financial backing that will see the firm acquire even more marinas nationwide…

Suntex Marina Investors has signed a joint venture with private investment management firm Centerbidge Partners that will see Suntex acquire over $1.25 billion in new marinas across the US. The funds will be used to support new acquisitions and capital improvements at the newly acquired facilities and for several new development projects.

“While our team continues to increase our interest in new acquisitions, a portion of these funds are going to be dedicated towards re-development and enhancement of new marinas as well,” says Bryan Redmond, CEO, Suntex Marinas. “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 day-to-day operations of the joint venture will be overseen by Suntex, which will receive customary fees for its management services.

The transaction marks another step in Suntex's partnership with Centerbridge, initially established in 2021. In 2022, Centerbridge Partners acquired marina management company Westrec for $400 million, subsequently integrating it into Suntex Marinas.

Alongside this development, the joint venture has also secured a revolving credit facility of up to $600 million. Led by Wells Fargo Bank, the facility also includes participation from Bank of America, Truist Bank, BMO Bank, and First Horizon Bank.

“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,” says 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 through accretive capital investments.”



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