Type to search

Featured Tourism/Transportation

Marina Puerto Del Rey sold to Texas-based Safe Harbor Marinas

Marina Puerto del Rey, the largest marina in the Caribbean, has been sold to Texas-based Safe Harbor Marinas in a transaction that closed on Sept. 1, the buyer announced.

The financial terms of the deal were undisclosed.

“We are very excited to welcome Puerto Del Rey to Safe Harbor,” said Jason Hogg, chief investment officer of Safe Harbor Marinas. “The local team and the property are both truly exceptional.”

Puerto Del Rey is a 140-acre facility in Fajardo, considered a gateway to the Caribbean islands. The property currently has wet slips that can accommodate about 1,000 vessels and dry stack facilities that can accommodate another 750 vessels.

“This asset will be a wonderful destination for our boaters in the Atlantic,” said Hogg. “It comes about two weeks after our addition of Sunroad Marina to the Safe Harbor network in the Pacific. It is wonderful to be able to continue to expand our network for boaters on both coasts with world class destinations.”

In the past 10 years, Marina Puerto del Rey has been at the epicenter of several business changes, starting in 2013, when it filed for Chapter 11 bankruptcy protection, citing $44.3 million in debt.  

Five months after the filing, in June 2013, the complex was sold to Putnam Bridge Funding LLC, headed by investor Nicholas Prouty. The Greenwich, CT-based hedge fund paid $47.5 million for the property, as News is my Business reported.

STORY DEVELOPING

Author Details
Author Details
Business reporter with 27 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.
Tags:

You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *