Dallas-based Suntex Marina Investors, one particular of the major gamers in consolidating the marina marketplace, is increasing its portfolio with a purchase in the Florida Keys.
Right after acquiring The Wharf in Marathon, Fla., Suntex designs to place in a “significant investment” and reopen the marina under a new name, Ocean Watch Marina, the company mentioned Friday. Ocean View will be a complete-support marina with a ship’s keep, fuel dock, boat rentals and 165 dry-storage racks.
The acquire permits Suntex to grow its foothold in the Keys, where the corporation has purchased a few other marinas in the earlier 12 months. The marina is about an hour from Crucial West, and its place presents boaters accessibility to the Atlantic Ocean and Gulf of Mexico.
“We are committed to getting decide on spots with tremendous potential to give company at the time-in-a-life span encounters,” CEO Bryan Redmond claimed in a statement. “We are fired up for the possibility to renovate Ocean Look at into a boater’s chosen marina.”
Investments planned for the property incorporate much more dry storage, a new dock office, the ship’s keep and a boat rental service, spokesperson Andrew Golden wrote in an e mail.
Suntex obtained Westrec in February to create a organization with a combined benefit of $2.5 billion. It owns and operates 51 marinas and operates another 16 by Westrec. It’s backed by financial commitment firms Centerbridge Companions and Resilient Capital Associates.
Dallas-centered Safe Harbor Marinas continues to be the industry’s largest chain, running a lot more than 100 marinas about the region.
Boating has seen a surge in reputation because the beginning of the COVID-19 pandemic as Individuals turned to socially distant recreation options. Investing on recreational boating arrived at a high of $56.7 billion in 2021, up 12.7% from 2020, according to the National Maritime Producers Association.
Florida, Texas and Michigan have been the prime states final yr for recreational boating shelling out.
Powerboat product sales dipped in the initially quarter of this calendar year in contrast with 2021, according to the affiliation, but ended up even now bigger than right before the pandemic.
The pandemic “helped turbocharge need and draw in a youthful customer,” stated Joshua Dennerlein, a authentic estate expenditure believe in analyst for Lender of The united states who follows the marketplace.
“I think that demand from customers is heading to form of stick about,” Dennerlein reported. “Maybe it’s not really as large as it was through 2020 or ‘21 heading ahead, but there’s absolutely likely to be elevated desire.”