In the span of just two years, private equity giant Blackstone has emerged as the world’s largest marina owner, expanding its holdings from zero in 2024 to roughly 200 marinas by mid-2025. This rapid acquisition spree underscores the growing demand for waterfront infrastructure amid an increasing number of larger and more expensive recreational vessels.
Blackstone’s entrance into the marina business began with a $5.6 billion acquisition in early 2025 of Safe Harbor, a company that operated 138 marinas across the United States and Puerto Rico, including key locations along the U.S. East Coast and the Caribbean’s largest marina in Fajardo, Puerto Rico. The portfolio also includes nine Mediterranean marinas catering to luxury yachts in high-profile destinations such as St. Tropez, Antibes, and Monaco. Subsequent purchases include the largest marina in Annapolis, Maryland, and a shipyard in Maine’s Penobscot Bay. Most recently, Blackstone announced plans to acquire 65 marinas and storage facilities from MarineMax in a $1.5 billion deal expected to close by year-end.
Heidi Boyd, senior managing director for Blackstone Infrastructure, explained that marinas fit naturally within the firm’s infrastructure investment strategy, which targets businesses characterized by enduring operations and scarcity, such as airports and ports. Safe Harbor’s business model includes a membership program where slip renters gain access to a nationwide network of marinas, fostering loyalty and recurring revenue.
However, Blackstone’s expansion into traditionally independent marinas has raised concerns among local communities and boaters. In Wareham, Massachusetts, plans to expand a smaller marina with a 42,000-square-foot building were met with opposition from nearby residents worried about noise, traffic, and changes to the neighborhood’s character. Following community pushback, the application was withdrawn, though local officials indicate that residents remain cautious about potential future proposals.
Similar tensions have surfaced in Rockland, Maine, where longtime boating professionals express unease about the shift toward accommodating large megayachts and the displacement of smaller boaters. “There’s a load of money in this business now, and the small guy is getting shifted out,” said Kyle Swan, a boat captain and commercial diver.
Blackstone is not alone in the consolidation trend. Other private equity firms, including InfraVia Capital Partners and Bain Capital, have also acquired extensive marina portfolios, reflecting the sector’s widespread appeal to investors seeking stable, recurring cash flows. Industry experts note that consolidation has accelerated since the COVID-19 pandemic triggered a boat-buying boom, driving up the value of marina assets.
Commercial real estate broker Andrew Cantor observes that the marina acquisition wave gained momentum about a decade ago, with recent years marking a notable acceleration. Jason Spalding, a marina consultant, estimates that there are now 42 buying groups in North America managing multiple marinas, up substantially from a handful ten years ago. He expects private equity firms like Blackstone to maintain their aggressive pace of acquisitions, driven by sustained demand and limited availability of marina space.
The growing concentration of marina ownership, combined with the increasing size and sophistication of yachts, points to a future where waterfront infrastructure becomes a highly strategic asset for investors and a potential flashpoint for coastal communities concerned about development and environmental impact.