SUNTEX MARINAS MAKES INVESTMENT INTO THE BAHIA MAR YACHTING CENTER
Oct 22, 2019
Suntex Marina Investors, LLC (Suntex), the owner and operator of best in-class marina properties, has announced that it has made a significant investment in the Bahia Mar Yachting Center located in Fort Lauderdale, Florida. The Bahia Mar Yachting Center is the home of the Ft. Lauderdale International Boat Show.
Suntex continues to make significant operational and financial investments in marquee properties by adding the premier yachting destination in South Florida capable of accommodating the largest of vessels. With first-class transient facilities now spanning the entire East Coast of the United States, Suntex is poised to offer guests an unparalleled marina experience on the Atlantic Coast or Intracoastal Waterway.
The Bahia Mar Yachting Center is the ultimate destination, offering 250 slips capable of handling vessels up to 300-feet along its 3,000-foot parallel dock and more than 5,000 feet of floating docks. This facility offers high-speed fueling, free WiFi, cable television, in-slip sanitary 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, managed and operated by Jimmy and Kenny Tate of Tate Capital, LLC as a portfolio investment property for the Tate and Rok families of South Florida.
“Kenny and I have appreciated the great working relationship with RCI Marine as a partner and manager of the Bahia Mar Yachting Center over the past five years; however, we are very excited to work closely with Suntex and affect a smooth, seamless and successful transition,” said Jimmy Tate, president of Tate Capital.
The Bahia Mar offers guests iconic beach-side accommodations, shopping and dining. In addition, as the yachting capital of the world, Fort Lauderdale offers access to countless marine-related services from insurance to provisioning, and more. Bahia Mar is also the home of the world-renowned Fort Lauderdale International Boat Show – the country’s largest in-water show.
“We understand that captains and their crews need rest time and we want them to enjoy their experience at the Bahia Mar as much as their guests,” said Ron TenEyck, senior vice president, Suntex. “This is also one of the areas that we plan to expand upon to ensure our visitors will continue to appreciate the Bahia Mar Yachting Center as a world class venue. We are excited to introduce the professional Suntex operational experience to everyone using our facility.”
The investment in Bahia Mar Yachting Center coincides with Suntex’s sale of its majority stake in the Loggerhead Marina Portfolio to its joint venture partner Equity Lifestyle Properties (ELS). This divestiture and restructuring of the company’s portfolio is intended to focus energies on wholly owned marinas in its portfolio and to create opportunities for geographic diversification. As demonstrated with the Bahia Mar Yachting Center, the company will prioritize expenditures on the operation and development of premier marina destinations throughout the United States such as Liberty Landing, Marina Jack, Miami Beach Marina, State Dock Marina and the redevelopment of Las Olas Marina in Fort Lauderdale.
The Suntex portfolio of marinas is located in California, Florida, Georgia, Iowa, Kentucky, Maryland, New Jersey, Oklahoma, Texas, Tennessee and Virginia. For more information on Suntex Marina Investors LLC, or the complete portfolio of Suntex marinas, please contact info@suntex.com;or visit www.suntex.com.
