5 years ago

2017 May June Marina World

The magazine for the marina industry

Next Generation


WORLD NEWS Bahrain plan unveiled BAHRAIN: Bahrain Marina Development Company unveiled the master plan of the ambitious Bahrain Marina for the first time at the Gulf Property Show in April. Scheduled to complete by 2020, Bahrain Marina will include a fivestar hotel, serviced hotel apartments, seafront hotel villas and a residential tower with freehold apartments. It will have a unique sea front with a yacht club, retail and dining areas surrounding a circular basin with berths for vessels of various sizes. The lead designer of the project is Benoy, an international architectural Loggerhead sells to Suntex USA: Loggerhead Marina has sold 11 of its marinas throughout Florida to Suntex Marina Investors LLC. Loggerhead is one of the best-known and wellrespected marina operating brands in the US southeast with premier locations on the east and Gulf coasts of Florida. The transaction included over 2,300 wet and dry slips and multiple restaurants located in luxury locations stretching from Miami to Daytona Beach, and on Florida’s west coast. As Loggerhead is a well-established brand in the marketplace, the name will be retained at all the facilities while the transition takes place. “We are excited to be part of a brand that shares our core values of providing the highest quality family experience, as well as protecting our environment for the enjoyment of current and future generations. I will remain fully engaged in the marine industry, in both seeing through the workplace transition of all our Loggerhead team members, and in expanding relationships through my involvement with the Loggerhead Marinelife Center,” said Raymond Graziotto, president and CEO of Seven Kings Holdings, Inc., and founder of Loggerhead Marina. “This transaction will be transformational for Suntex and our efforts to continue to provide an unmatched customer experience around the country. The Loggerhead marinas greatly expand our ability to offer our Suntex customers access to prime marina locations and amenities throughout the state of Florida,” said Bryan Redmond, founding principal of Suntex. firm with vast experience in working alongside large scale projects in the region. Bahrain Marina Development Company earlier announced the appointment of Al Hassanain Contracting Company to implement the first phase of the project, which includes all the enabling and marinerelated works, earthworks, shore protection, quay walls, culvert crossings and shore development. “Not only are the Loggerhead properties the perfect complement to our existing marina portfolio, but they share our deep and driving commitment to the environment, and to clean and responsible boating. Every Loggerhead property participates in the Responsible Boating Initiative, and we will apply those same practices to all of our Suntex locations,” added Suntex principal Mitchell E. Jones. As part of the purchase, Suntex has committed to maintain a philanthropic partnership with the Loggerhead Marinelife Center. A non-profit facility focused on ocean and sea turtle conservation, the facility houses live sea turtles and other coastal creatures. It also provides outreach programmes and educational experiences for children, and hosts more than 300,000 guests per year. Michael Nissley and Jason Spalding of CBRE’s Marina Services represented Seven Kings Holdings/Loggerhead Marina in the portfolio transaction. The opportunity was marketed internationally and received a substantial amount of interest from marina owners, operators, private equity firms and property developers. The marina portfolio sale illustrates the current trend in the USA towards consolidation. Suntex now has a portfolio of 43 marinas. EXPERIENCE INTEGRITY PASSION VISION LEADERSHIP THE WOR COMPREH - May/June 2017 7

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