Suntex Marinas Purchases Marathon, Florida MarinaPublished on September 28, 2021
Suntex Marinas recently acquired the iconic Faro Blanco Marina in Marathon, Florida. “For a long time, the Keys was a market we wanted to be in,” said David Filler, a principal with Suntex and head of investments in Florida and the southeast region. “This was the right marina to fulfill our Keys strategy.”
The property is Suntex’s first acquisition since embarking on its new partnership with Centerbridge Capital and Resilient Capital Partners in March 2021. The Faro Blanco acquisition closed on August 25 and is the company’s seventh marina in Florida.
“The Suntex team is so excited to add such an iconic destination to our premier network of marina assets,” said Bryan Redmond, founder and president of Suntex Marinas. “Faro Blanco fits in perfectly with the type of location and amenities that make the Suntex experience so desirable for our customer base. We are appreciative that owners of the adjacent Faro Blanco Resort, EOS Investors, has entrusted Suntex to take the Faro Blanco Marina to a level of excellence in line with their vision for the entire property.”
The marina is located within the 16-acre Faro Blanco Resort & Yacht Club offering 125 rooms and suites. Marina guests have access to the resort’s outdoor amenities, such as the pool and the popular Lighthouse Grill restaurant and bar. The resort also offers fishing charters and Jeep rentals.
The resort is undergoing a renovation and some of the new outdoor amenities that will benefit marina guests include an expanded pool area, tikis, and a waterslide. “It’s creating a better holistic experience for our customers,” Filler said.
As the company was considering the property, Filler said some of the selling points were the good condition of the docks, the ability to provide fuel for marina customers, and the overall quality of the existing tenants.
But one of the top considerations was the water depth in the marina basin. Filler said water depth and marina size are constraints relative to marina properties in the Keys “Many (of the marinas) are small and the water depths are shallow.”
He said it was encouraging to see the 10-12-foot water depth in the Faro Blanco basin. The marina includes 74 wet slips that can accommodate vessels from 35 to 140 feet, with an opportunity to offer docking for vessels up to 150 feet. Filler said Suntex will evaluate adding 10-12 slips outside the basin that could accommodate vessels 60 feet and up. The company also plans to upgrade the marina’s electrical system.
The marina is designated as a Florida Clean Marina. On-site amenities include non-ethanol and diesel fuel pumps, pumpout services, 30/50/100-amp electric hookup, 24-hour security, restrooms and launderette, ship’s store, and dockmaster office located in the historic Faro Blanco lighthouse.
The marina’s location on Marathon’s bayside provides a protected basin with easy access for guests. Just one hour north of Key West and two hours south of Miami, the marina is a popular destination for cruising clubs and yacht rendezvous. Located near the famous Seven Mile Bridge, it provides access to the waters of the Atlantic Ocean and the Gulf of Mexico for fishing, diving, and pleasure boating. Situated between Islamorada and Key West in the heart of the Keys, Faro Blanco’s central location is ideal for boaters and visitors, providing access to all the action and amenities that the Keys have to offer within a short distance such as, dolphin experiences, habitats, museums, private beaches, diving excursions, and great restaurants.
Filler said Faro Blanco fits the company’s overall growth strategy as it continues to grow and build upon the existing portfolio. He said the company will look to continue to expand along the eastern seaboard and in the state of Florida.
Like many marina companies, Suntex has seen an increase in people interested in boating during the COVID-19 pandemic. “A lot of people look at boating as an alternative to social gatherings,” Filler said. “Demands for slips has increased across the portfolio. Most marinas are experiencing higher occupancy rates across their assets.”
The Suntex portfolio includes marinas located in California, Florida, Georgia, Iowa, Kentucky, Maryland, New Jersey, Oklahoma, Texas, Tennessee, and Virginia.