TPG Hotels, Resorts & Marinas has acquired Conanicut Marina and the Taylor Point Boat Yard, both located in Jamestown, RI.
“Conanicut Marina and Taylor Point Boatyard are tremendous additions to our growing marina portfolio and are prime examples of the types of properties we seek to acquire”, stated Robert Leven, Chief Investment Officer of TPG Hotels, Resorts and Marinas. “TPG Marinas now has a presence on Jamestown’s east and west passages with a world class marine services facility centrally located to provide boaters with a full complement integrated marine services.”
Conanicut Marina has over 4,500 linear feet of dockage for boats up to 225 feet in length plus 150 moorings. It is a very popular spot for both seasonal and transient boaters, and the slips operate at 100 percent occupancy. Taylor Point Boat Yard is a 5-acre site that provides high-quality service, repair, and winter storage for up to 220 boats, and serves as a private parking area for the marina.
“It’s been time to hand the torch off to someone else, but selling to somebody that would still be a component of the community was equally important,” said Bill Munger, prior owner and operator of the properties for more than 47 years. “It’s taken a while to boil that all down. The chemistry had to be good, and this company is primarily in the hospitality business. They are quality people.”
TPG has been an active acquirer of marinas and nautically-based hospitality assets over the past 18 months. Resent acquisitions include Dutch Harbor Boat Yard in Jamestown, RI, Champlin’s Marina and Resort on Block Island, Danford’s Resort, Marina and Spa in Port Jefferson, NY, and Mill Wharf Marina and Scituate Harbor Marina both located in Scituate, MA.