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TPG Adds to Marine Portfolio

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TPG Hotels, Resorts and Marinas said it acquired Conanicut Marina and Taylor Point Boat Yard, both of which are in Jamestown, R.I.

“Conanicut Marina and Taylor Point Boatyard are tremendous additions to our growing marina portfolio and are prime examples of the types of properties we seek to acquire,” chief investment officer Robert Leven said in a statement. “[TPG] now has a presence on Jamestown’s east and west passages with a world-class marine services facility.”

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TPG purchased both properties from Bill Munger, who has owned and operated the businesses for nearly half a century.

“It’s been time to hand the torch off to someone else, but selling to somebody that would still be a component of the community was equally important,” Munger said. “It’s taken awhile to boil that all down. The chemistry had to be good, and this company is primarily in the hospitality business.”

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During the last 18 months, TPG has acquired several marinas in the Northeast, including Dutch Harbor Boat Yard in Jamestown; Champlin’s Marina and Resort on Block Island; Danford’s Resort, Marina and Spa in Port Jefferson, N.Y.; and Mill Wharf Marina and Scituate Harbor Marina in Scituate, Mass.

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