Suntex Marina Acquires $1.25 Billion in New Marinas

Jun 2, 2024 by Lauren Beck

Suntex Marina is on a mission.

Suntex Marina established a joint venture with Centerbridge Partners to acquire more than $1.25 billion in new marinas across the U.S. The funding from Centerbridge will go toward acquisitions and capital improvements at new facilities and several development projects across the U.S. Suntex will manage this new venture.

Suntex also merged with Almar Marinas in March. Almar Marinas, founded in 1974, is the largest coastal marina operator on the U.S.’s West Coast. It includes eight owned marinas across California and nine operated by third-party owners in California and Hawaii. The California marinas under the Suntex umbrella now include Marina Del Rey Marina in Marina Del Rey, plus three marinas in California’s Channel Islands Harbor: Peninsula Yacht Marina, Bahia Marina, and Westport Marina. The four Oakland properties are expected to merge in the coming months, subject to government approvals.

Suntex also recently acquired Lighthouse Point Marina and Yacht Club in Tom’s River, New Jersey. The marina has 243 wet slips and 38 Jet Ski slips, all with access to electricity, cable, Wi-Fi, and pump-out stations. It includes a full-service boat yard with haul-out and launch capabilities and winterization services. On-site amenities include laundry facilities, a pool, a game room, a snack bar, and a store. The marina is protected by a natural breakwater on the river, which leads to Barnegat Bay.

According to a recent press release, “Suntex is committed to building on the legacies created by the founders of its acquired properties and has a long track record of working with its marina partners to become even greater contributors to their respective communities.” 

“We’re thrilled to close on this joint venture [with Centerbridge Partners] to usher in new growth for Suntex Marinas,” said Bryan Redmond, CEO of 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 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 of Suntex Marinas and global head of real estate at 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. We’re thrilled to expand our partnership.” 

The Suntex portfolio includes marinas in Arizona, California, Florida, Georgia, Illinois, Iowa, Kentucky, Maryland, Missouri, New Jersey, New York, Oklahoma, Texas, Tennessee, and Virginia.