Dallas-based Suntex Marina Investors has established a joint venture backed by Centerbridge-affiliated funds and global institutional investors to acquire more than $1.25 billion in new marinas nationwide.

Suntex is the largest standalone marina owner in the nation. Its portfolio includes marinas in Texas, Arizona, California, Florida, Georgia, Illinois, Iowa, Kentucky, Maryland, Missouri, New Jersey, New York, Oklahoma, Tennessee, and Virginia.

“We’re thrilled to close on this joint venture to usher in new growth for Suntex Marinas,” Suntex CEO Bryan Redmond said in a statement. “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. We have an incredible opportunity to further grow our network from coast to coast and improve upon the Suntex experience. We’re confident that our guests will enjoy what we have in store.”

Suntex said the funds will be used to support new acquisitions and capital improvements at newly acquired facilities, as well as for several new development projects across the U.S.

The day-to-day operations of the joint venture will be managed by Suntex, for which it will receive customary fees.

Suntex said the transaction further expands its partnership with New York-based Centerbridge, which first invested in Suntex in 2021, recapitalizing the company in a deal co-led by Resilient Capital Partners.

In connection with the newly announced transaction, the joint venture also closed on a revolving credit facility of up to $600 million, which was led by Wells Fargo Bank, and also included Bank of America, Truist Bank, BMO Bank, and First Horizon Bank.

Building on marina legacies in communities

Suntex Marinas said it offers a world class hospitality experience built around a community of boat owners, boat enthusiasts, and those inspired by the water. Suntex added that it’s 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.”

“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,” William Rahm, chairman of Suntex Marinas and global head of real estate at Centerbridge Partners, said in a statement. “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.”

Since 2021, Suntex has grown its portfolio of marinas strategically in high-growth coastal and inland markets, providing a “best-in-class” storage, hospitality, and guest experience and having “a positive impact” in local communities across the country.

“We’ve witnessed firsthand the Suntex team’s ability to deliver exceptional experiences for customers and significant returns for investors. Suntex is extremely well positioned to capitalize on tailwinds in the marina and broader leisure and storage markets, and we look forward to building on our partnership to bring the company’s best-in-class model to even more marinas across the U.S.,” Matt Dabrowski, senior managing director at Centerbridge Partners, said in a statement.

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