Suntex Marina Investors, LLC (Suntex) announced today it has made a significant investment in the Bahia Mar Yachting Center located in Fort Lauderdale, Fla.
Suntex said it 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 added that it is poised to offer guests an unparalleled marina experience on the Atlantic Coast or Intracoastal Waterway.
“We are invigorated on behalf of all of our Suntex team members and stakeholders,” said Johnny Powers, chief executive officer of Suntex. “Adding the Bahia Mar Yachting Center to our vast operational platform, led by Bryan Redmond, further establishes Suntex as the leading operator of premier marinas in the United States.”
“Our entire team is committed to a set of core values which allow us to offer our visitors the best possible experience at world-class destinations,” said Bryan Redmond, president of Suntex. “Bahia Mar is the ideal location in the heart of the ‘yachting capital of the world’ and we intend to deliver the same level of dedication, professionalism and passion that we provide to customers at all of our Suntex properties.”
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 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.
“We are proud of the work done by our teams at each one of these amazing Loggerhead properties,” said Rich Carter, chief operating officer of Suntex. “The operational and financial improvements made at these properties over the last two-and-a-half years shows what it means to be a Suntex Marina, and we feel that each is on a sustainable path for many years to come. With that said, we feel this is an excellent time for us to focus on what we do best – which is the operation, redevelopment and acquisition of premier marina destinations.”