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Suntex Marinas And Ceterbridge Partners Announce Joint Venture To Acquire Over $1.25 Billion In New Marinas

Expanded Partnership to Invest in Acquisitions and Re-Development in High-Growth Markets Across the U.S.

Dallas, TX – Suntex Marina Investors, LLC (“Suntex” or the “Company”), the largest standalone marina owner in the U.S., and Centerbridge Partners, L.P. (“Centerbridge”) today announced that they have established a joint venture backed by Centerbridge-affiliated funds and global institutional investors (collectively, “the 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.
 
Suntex Marinas offers a world class hospitality experience built around a community of boat owners, boat enthusiasts and those inspired by the water. The Company’s foundational value is the belief that it has the responsibility to its customers to be a genuine steward of each property, as well as the markets and environments in which the company operates. Suntex is committed to building on the legacies created by the founders of its acquired properties and has a long track record of working with its marina partners to become even greater contributors to their respective communities.
 
“We’re thrilled to close on this joint venture to usher in new growth for Suntex Marinas,” said Bryan Redmond, CEO, Suntex Marinas. “While our team continues to increase our interest in new acquisitions, a portion of these funds are going to be dedicated towards re-development and enhancement of new marinas as well. We have an incredible opportunity to further grow our network from coast to coast and improve upon the Suntex experience. We are confident that our guests will enjoy what we have in store.”
 
“The marina industry has shown consistently strong fundamentals for many years, as enthusiasts have invested in more and bigger boats while the availability of high-quality marinas and boat storage remains scarce,” said William Rahm, Chairman, Suntex Marinas, and Global Head of Real Estate, Centerbridge Partners. “Bryan and the Suntex team have a demonstrated track record of acquiring quality properties, enhancing operations for customers and adding value through accretive capital investments. We’re thrilled to expand our partnership.”
 
“We’ve witnessed firsthand the Suntex team’s ability to deliver exceptional experiences for customers and significant returns for investors. Suntex is extremely well positioned to capitalize on tailwinds in the marina and broader leisure and storage markets, and we look forward to building on our partnership to bring the Company’s best-in-class model to even more marinas across the U.S.,” added Matt Dabrowski, Senior Managing Director, Centerbridge Partners.
 
Since 2021, Suntex has continued to strategically grow its portfolio of marinas in high-growth coastal and inland markets, providing a best-in-class storage, hospitality and guest experience and having a positive impact in local communities across the country.
 
The Suntex portfolio includes marinas located in Arizona, California, Florida, Georgia, Illinois, Iowa, Kentucky, Maryland, Missouri, New Jersey, New York, Oklahoma, Texas, Tennessee and Virginia. For more information on Suntex Marina Investors LLC, or the complete portfolio of Suntex Marinas, please contact or visit www.suntex.com.

About Suntex Marina Investors, LLC

Suntex Marinas engages in the ownership and management of marina properties. The executive officers at Suntex have over 100 years combined experience investing in, acquiring, and managing marinas. Suntex prides itself on a growing reputation in the marina industry for its commitment to superior customer service, experienced marina managers and staff, conscious contributions to marina communities and expansive enthusiasm for creating memorable experiences on the water. www.suntex.com

About Centerbridge Partners, L.P.

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for its investors. The firm was founded in 2005 and as of December 31, 2023, has approximately $38 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com.

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