Suntex Marina Investors LLC and Centerbridge Partners L.P. announced that they have established a joint venture backed by Centerbridge-affiliated funds and global institutional investors to acquire over $1.25 billion in new marinas across the United States. These funds will be used to support new acquisitions and capital improvements at newly acquired facilities, as well as for several development projects across the United States.

The day-to-day operations of the joint venture will be managed by Suntex, for which it will receive customary fees. The transaction further expands Suntex’s partnership with Centerbridge, which first invested in the Company in 2021. In connection with the transaction, the Joint Venture also closed on a revolving credit facility of up to $600 million, which was led by Wells Fargo Bank and included Bank of America, Truist Bank, BMO Bank and First Horizon Bank.