More than a thousand yacht enthusiasts gathered last month at Safe Harbor Newport Shipyard in Newport, Rhode Island, for a three-day event featuring competitive sailing, dockside dinners, and socializing aboard superyachts. The event highlighted a growing trend in the boating industry: larger and more luxurious vessels requiring expanded and improved docking and maintenance facilities.

Private equity giant Blackstone has emerged as a major player in this market, rapidly expanding its footprint in the marina sector. In early 2025, Blackstone acquired Safe Harbor for $5.6 billion, gaining control of 138 marinas across the United States and Puerto Rico. The portfolio includes facilities stretching from Maryland to Maine, as well as key Caribbean locations such as the large marina in Fajardo, Puerto Rico, and nine Mediterranean marinas catering to high-end yacht owners in St. Tropez, Antibes, and Monaco. Since then, Blackstone has pursued further acquisitions, including the largest marina in Annapolis, Maryland, and a shipyard in Maine’s upper Penobscot Bay. Most recently, the company announced it will buy 65 marinas and storage sites from MarineMax for $1.5 billion, a deal expected to close by the end of the year.

Blackstone sees marinas as a strategic fit for its infrastructure fund, which targets businesses with stable, recurring cash flows and natural scarcity, similar to airports and ports. The company is actively promoting a membership model, whereby boaters who rent slips at one location gain access to the entire network of Safe Harbor marinas.

However, the consolidation of independently run marinas under corporate ownership has raised concerns among local residents and boaters. Some worry that expansions to accommodate larger megayachts may bring noise disturbances, increased traffic, and environmental risks related to fuel storage. For example, Safe Harbor's proposed expansion in Wareham, Massachusetts—which included plans for a 42,000-square-foot building—faced opposition from residents and has since been withdrawn. Local conservation officials noted ongoing community questions and concerns if the project is reintroduced.

In Maine, concerns have also surfaced about the growing scale of marina operations altering harbor dynamics and prioritizing wealthy yacht owners over smaller operators. Kyle Swan, a boat captain and commercial diver in Rockland, expressed worry that the marina acquired by Safe Harbor in 2020 could become too busy to serve the broader boating community effectively.

Blackstone is not alone in its aggressive marina acquisitions. InfraVia Capital Partners recently purchased a collection of 28 marinas across nine countries, boasting over 1,000 superyacht berths, while Bain Capital has entered the sector through a partnership with BlueWater Marinas. Industry experts note that consolidation in the marina market has accelerated over the past decade, fueled in part by a surge in boat buying during the COVID-19 pandemic.

Commercial real estate advisers report that many large marinas have been approached by major firms like Blackstone in recent years, with the number of significant marina ownership groups growing substantially in North America. Analysts expect the trend toward consolidation to continue as demand for limited waterfront infrastructure outpaces supply, driven by the increasing popularity of larger, more expensive yachts.