Procaccianti Companies and Rugger Capital have acquired Charleston Harbor Resort, a 217-room waterfront property in Mount Pleasant, South Carolina, while Suntex Marina Investors has separately acquired the adjacent Charleston Harbor Marina.
The combined transactions place both properties under new ownership while preserving specialized management for the resort and marina.
TPG Hotels & Resorts, Procaccianti’s hospitality management affiliate, will operate Charleston Harbor Resort.
Suntex will own and operate the marina, one of South Carolina’s largest in-water marina facilities, with more than 450 slips capable of accommodating vessels ranging from recreational boats to superyachts.
Together, the properties form a waterfront destination with access to downtown Charleston and nearby attractions including Patriots Point Naval & Maritime Museum.
Procaccianti plans to evaluate a comprehensive renovation and repositioning of the resort over the coming months.
The strategy is intended to enhance the guest experience and create additional long-term value from the waterfront property.
Suntex’s acquisition expands a portfolio that now includes more than 100 marinas across 17 states.
The companies see an opportunity for the independently owned resort and marina to complement each other while maintaining operating specialization.
Management also believes the transaction could provide a model for additional partnerships in other U.S. markets where resort hospitality and boating overlap.
Procaccianti Companies is a vertically integrated real estate investment and services firm whose history includes properties in more than 400 cities across 42 states.
Its TPG Hotels & Resorts affiliate has operated more than 650 branded and independent hotels and marinas totaling more than 68,000 guestrooms.
Rugger Capital invests across private equity, venture capital, credit and real estate, while Suntex specializes in acquiring, developing and operating marina properties.
KEY QUOTES:
“Charleston Harbor Resort is exactly the kind of irreplaceable waterfront asset we seek to own for the long term.”
John Phelan, Founder and Chairman of Rugger Capital
“The combination of a premier waterfront location, strong operating fundamentals, multiple demand generators, and meaningful opportunities for value creation makes this an exceptionally compelling acquisition.”
Robert Leven, Chief Investment Officer of Procaccianti Companies
“Together, Procaccianti Companies, Rugger Capital, and Suntex have created a solution where the separately owned and operated marina and resort complement one another and strengthen the overall waterfront destination.”
Bryan Redmond, CEO of Suntex Marinas
