CNL Lifestyle Properties buys four Calif. marinas

ORLANDO, Fla. — CNL Lifestyle Properties Inc. bought four marinas in California from the existing operator for $55 million, according to a report in the Orlando Business Journal. The acquisition brings the company’s marina portfolio to 19.

The marinas involved in the deal are: Anacapa Isle Marina in Oxnard, Calif.; Ventura Isle Marina in Ventura, Calif.; Ballena Isle Marina in San Francisco Bay in Alameda, Calif.; and Cabrillo Isle Marina in San Diego.

CNL Lifestyle Properties leased the four marinas, which have a total of 1,984 boat slips, to former owner Almar Management Inc., which will continue to operate them under long-term, triple-net leases.

International investment bank Houlihan Lokey served as financial adviser to the marinas on the deal, which closed March 12.

For the full report, click here.

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