Safe Harbor Marinas

Blueone

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Jan 24, 2007
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Lake Erie, Ohio
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2004 420 Sundancer
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I never understood this business model until now.... they have been planning this for years


DALLAS, Sept. 29, 2020 /PRNewswire/ -- We are pleased to announce that Safe Harbor Marinas has entered into a definitive merger agreement with Sun Communities, Inc. (NYSE: SUI) and one of its subsidiaries in a transaction for cash and SUI equity valued at $2.11 billion.

https://www.prnewswire.com/news-rel...ement-with-sun-communities-inc-301140059.html
 
Safe Harbor rolled up a hundred or so mom and pop marinas with private equity money, cut costs, raised fees and sold out at the top of the boating market. Sun Communities will look at the available land around the marinas that they can develop with condos, etc.. The marinas that can't be exploited will be sold in parts.
 
Safe Harbor rolled up a hundred or so mom and pop marinas with private equity money, cut costs, raised fees and sold out at the top of the boating market. Sun Communities will look at the available land around the marinas that they can develop wit condos, etc.. The marinas that can't be exploited will be sold in parts.
Exactly
 
Safe Harbor rolled up a hundred or so mom and pop marinas with private equity money, cut costs, raised fees and sold out at the top of the boating market. Sun Communities will look at the available land around the marinas that they can develop with condos, etc.. The marinas that can't be exploited will be sold in parts.

This crossed my mind as well. Do you have any articles that mentions this?

Sun's stock dropped. If it was in the making for so long, you would think the stock would be rallying.
 
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Figured you’d be in favor of a free market. Guess not when it affects you.
 
I mean...I'm not a fan of Safe Harbor but isn't it possible Sun is trying to diversify away from just RV and Mfg'd Home communities with this merger?
 
Statement from Safe Harbor to members:
Dear Safe Harbor Members,

Earlier today, we announced that Safe Harbor entered into a definitive merger agreement with Sun Communities, Inc. (NYSE: SUI). While a transaction of this scale is unprecedented in the marina industry, the most exciting part is what it means for you and all our Safe Harbor Members.

Since the inception of Safe Harbor, we've been committed to building the world's first true boating network. As we've expanded, we've been able to bring you more locations to explore and greater opportunities to pursue your passion for the water.

By joining the Sun Communities family, we now have the ability to grow your boating network like never before. Furthermore, the relationship will enable us to invest even more into our 100+ locations from coast to coast.

For all the growth and opportunity the investment will bring, perhaps the most important aspect is what will not change. Safe Harbor will operate independently from Sun Communities' other businesses. Our entire team - from Dockhands to General Managers to Executives - will remain dedicated to the vision and mission that inspired our journey from the start, and our promise to serve you with excellence at every step will not waver.

On behalf of everyone at Safe Harbor, thank you for giving us the opportunity to be your home on the water. We look forward to continuing to serve you and your family for years to come.
 
I mean...I'm not a fan of Safe Harbor but isn't it possible Sun is trying to diversify away from just RV and Mfg'd Home communities with this merger?
The marina I was in up in St Clair was asking $15M...I ran rough numbers just on slip and winter storage revenue and at half that value you couldn’t make a profit if you borrowed the money. That’s why I never understood the ROI with investing in marinas. Safe harbor bought that marina.
SHM has been working with Sun for a long time ......why? If the marina business is so lucrative why sell it or merge.... they had a number of investors already. Something else has to be going on
 
Private Equity investors usually have an exit plan before they ever enter an investment. That could be what is going on here. Just spit ballin. But I have worked with a lot of private equity guys over the years, and that is the basic MO
 
Little background (endless seas may remember this) Gunpowder Cove Marina, family owned, Sea Ray dealer (bought 5 from them), best dam sea ray mechanics on the bay. Got bought by MarineMax, who proceeded to sh!tcan everyone, raised rates, sucked every dime out of it, ruined it. then sold it. Now called Joppatowne Marina, lost their SeaRay dealer license because of the Marine Max fiasco. Now Safe Harbor conglomerate of bean-counters, hedge-fund pirates, and blood-sucking leeches is doing the same thing up and down the bay. They bought Chesapeake Yachting Center (frog mortar creek) Great Oak Landing (fairlee creek) and Mears (Kent Narrows) and i dont know how many others. In a short time they will drive these dealers / marinas under and sell the land for condos. EndlessSeas, enjoy your time there, i used to got the Red Eye a lot. It may not last if Safe Harbor follows their business model.
 
Little background (endless seas may remember this) Gunpowder Cove Marina, family owned, Sea Ray dealer (bought 5 from them), best dam sea ray mechanics on the bay. Got bought by MarineMax, who proceeded to sh!tcan everyone, raised rates, sucked every dime out of it, ruined it. then sold it. Now called Joppatowne Marina, lost their SeaRay dealer license because of the Marine Max fiasco. Now Safe Harbor conglomerate of bean-counters, hedge-fund pirates, and blood-sucking leeches is doing the same thing up and down the bay. They bought Chesapeake Yachting Center (frog mortar creek) Great Oak Landing (fairlee creek) and Mears (Kent Narrows) and i dont know how many others. In a short time they will drive these dealers / marinas under and sell the land for condos. EndlessSeas, enjoy your time there, i used to got the Red Eye a lot. It may not last if Safe Harbor follows their business model.
I didn’t know about Great Oak... we went there a lot
 
We were told this summer that SH was putting 11 million into Great Oaks over the next few years. Guess that’s not happening now...
 
I didn’t know about Great Oak... we went there a lot
Yes our time there has been great and have met many great people especially the hard working staff.We currently have our floating tiny home there with a great view and I hope this does not change for us.
Stay tuned.......
 
Little background (endless seas may remember this) Gunpowder Cove Marina, family owned, Sea Ray dealer (bought 5 from them), best dam sea ray mechanics on the bay. Got bought by MarineMax, who proceeded to sh!tcan everyone, raised rates, sucked every dime out of it, ruined it. then sold it. Now called Joppatowne Marina, lost their SeaRay dealer license because of the Marine Max fiasco. Now Safe Harbor conglomerate of bean-counters, hedge-fund pirates, and blood-sucking leeches is doing the same thing up and down the bay. They bought Chesapeake Yachting Center (frog mortar creek) Great Oak Landing (fairlee creek) and Mears (Kent Narrows) and i dont know how many others. In a short time they will drive these dealers / marinas under and sell the land for condos. EndlessSeas, enjoy your time there, i used to got the Red Eye a lot. It may not last if Safe Harbor follows their business model.
 
You certainly don’t see new marinas opening up and boating costs will continue to go up as marinas continue to disappear.
 
The interesting thing is, if Sun is truly looking to build condos on marina land at some point, I think they're going to have a difficult time because many marinas are Army Core land. That land can't be developed from my understanding.
 

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