Sydney and I have seen our fair share of changes in the marine world. We’re lucky to count dockmasters up and down the East Coast as friends. After years of sailing and living aboard our Moody 46, EOTI, we’ve docked at countless marinas—some run like a well-oiled machine, others barely holding it together with duct tape and a prayer. But through it all, there’s been a certain rhythm to marina life, a sense of community that transcends the business side of things. That’s why the news of Blackstone acquiring Safe Harbor Marinas for a staggering $5.65 billion has left a lot of boaters wondering: what’s coming next?
If you’re a boater who’s ever slipped into a Safe Harbor Marina, you know the deal. Clean docks, reliable service, and a decent sense of community. But now, with a Wall Street behemoth like Blackstone stepping in, the future feels uncertain. We have spent enough time navigating not just the AICW and ocean but also the complicated waters of business and infrastructure to know that when private equity steps in, things tend to change—and not always for the better.
Just a note. I have worked with Blackstone on an acquisition and count several people in their head office as at least acquaintances. I also have worked extensively with a few private equity companies in the past. But here I am, retired and speaking as a consumer.
So what does this mean for boaters like us? What can you expect when one of the largest infrastructure investment firms in the world gets its hands on the largest marina network in the country? Let’s take a hard look at what’s likely to happen—and why it matters.
A Billion-Dollar Deal with Real-World Implications
Safe Harbor Marinas isn’t some small mom-and-pop operation; it’s the largest marina network in the United States, with 138 locations stretching from Florida to the Pacific Northwest and even into Puerto Rico. Sun Communities, the previous owner, bought Safe Harbor back in 2020 for about $2.1 billion. Now they’re flipping it to Blackstone for more than double that amount—a tidy profit in just a few years.
That kind of money doesn’t exchange hands without a catch. Blackstone isn’t in the business of charity or preserving the charm of coastal communities. They’re in the business of making money—and when private equity firms like Blackstone buy into a stable, cash-generating business like marinas, they typically have one goal: extract more profit.
Sydney and I have seen this play out in other industries. It’s the same story whether it’s nursing homes, apartment complexes, or hotel chains. The new owner comes in, raises rates, cuts services, and rebrands the whole thing to create the illusion of added value. And for a business like marinas, which operate on steady, predictable cash flow, it’s a textbook opportunity for financial engineering.
The question isn’t whether things will change—it’s how much, how fast, and who’s going to bear the brunt of it.
Expect Higher Slip Fees and More “Premium” Pricing
Let’s be honest: the first thing to change is probably going to be the cost of keeping your boat tied to the dock. Blackstone’s playbook is to drive up revenue, and the easiest way to do that is through increased fees.
Right now, most Safe Harbor marinas charge fairly standard rates for slip rentals and services. That’s going to change. I have been to enough marinas to know that once private equity steps in, the pricing model tends to shift toward dynamic pricing—the same way hotel rooms and airline tickets fluctuate based on demand. Holiday weekends? Expect to pay more. High season? Even higher.
And it’s not just the slip fees. Fuel, pump-outs, maintenance, and storage fees will likely see incremental increases. Blackstone will look for any opportunity to monetize what’s already there. Need to use the wifi? That’ll be $10 a day. Want to store your dinghy on the dock? That’ll be extra. And don’t be surprised if marina staff suddenly start “recommending” premium services that used to be included in your membership.The standard services of the marina will now become the upsell.
Do you want your slip to have dock cleats?
Say Goodbye to the Local Marina Feel
One of the things I love about the cruising life is the marina culture—the easygoing community that comes from people tying up their boats side by side, swapping stories over sundowners, and helping each other out when something goes wrong. Ok, never mind that. We spend time in one of the best community marinas on the East Coast (voted so multiple years), and we almost never go to happy hour. Yeah, we’re those people. Safe Harbor has generally done a decent job of preserving that atmosphere, but I have my doubts about how long that’s going to last under Blackstone.
When private equity gets involved, the focus shifts toward the high-end clientele—the superyacht crowd. Look at how SunTex is remaking the Bahia Mar and Las Olas marinas in Fort Lauderdale. They have lost the feeling of being different from Miami, and as they built new, higher fences, the rates made monetary barriers to staying there. It makes sense from a financial standpoint: bigger boats mean bigger slip fees, higher service costs, and more profit. But that often comes at the expense of the average cruiser.
Sydney and I have already seen this happen in other marinas like Bahia Mar and Las Olas. The smaller, older boats get pushed out in favor of mega-yachts and high-end catamarans. The quiet spaces where liveaboards gather for potlucks and sunset drinks get replaced by sleek new clubhouses with membership fees that only the hedge fund crowd can afford. The community feel starts to fade, and the marina becomes just another luxury resort.
Cutting Corners on Maintenance and Service
If there’s one thing you don’t want a marina to skimp on, it’s maintenance. A neglected dock or a faulty shore power outlet can turn into a dangerous situation fast. But when profit margins are under pressure, maintenance is often the first thing to suffer.
We have seen marinas where the docks are falling apart, the fuel pumps barely work, and the bathrooms are a biohazard. It’s not hard to imagine a scenario where Blackstone looks to cut costs by reducing staff, outsourcing maintenance to the lowest bidder, and deferring major repairs until they become unavoidable. One thing you lose as you focus on the hedge fund crowd is the resilience factor that a healthy seaside community needs from boaters.
And let’s talk about customer service. Safe Harbor marinas have generally been well-staffed with experienced dockhands who know what they’re doing. Looking at my DockWa, I see that several Safe Harbor marinas are among my favorites. However, private equity loves to streamline operations, which usually means cutting labor costs. Fewer dockhands, slower response times, and more reliance on automated systems could become the new normal.
Membership and Access Changes
Safe Harbor’s membership program has been a selling point for years—a single membership gives you reciprocal access to other Safe Harbor locations, making it easy to cruise along the coast without worrying about finding a slip. Blackstone may see this as an opportunity to “enhance” the membership program, which usually translates to new tiers, higher fees, and fewer benefits.
Want to keep your current benefits? That’ll be part of the “gold” or “platinum” tier. Reciprocal access? That’s premium now. And don’t be surprised if your local Safe Harbor starts reserving the best slips for short-term transient bookings rather than long-term members—short-term stays bring in more revenue per day.
The Risk of Over-Leverage
One of the biggest red flags in this deal is the financing. While the exact leverage details haven’t been disclosed, Blackstone’s typical strategy involves financing 60% to 80% of the purchase price with debt. That means Safe Harbor could be loaded down with $3 to $4 billion in debt. More than the original purchase price by Sun Communities.
If cash flow starts to slip—say, a hurricane takes out a few key marinas or the economy slows down—Blackstone will face pressure to keep up with debt payments. And that’s when the cost-cutting and fee increases will really start.
What Can Boaters Do?
So where does that leave boaters like us?
First, pay attention to your local marina’s management. Talk to the staff, watch for changes in staffing levels or maintenance schedules, and don’t be afraid to push back if you see the quality slipping. Second, read the fine print on any membership changes. If Safe Harbor tries to slip in new terms or fees, speak up. Third, on the East Coast, there are at least half a dozen abandoned marina projects that could attract funding and investment, filling in the gray area that Blackstone may abandon.
Finally, consider alternatives. Independent marinas and yacht clubs might become more attractive if Safe Harbor turns into a luxury resort-style chain. Some of the mom-and-pop operations on the East Coast could do more to differentiate themselves, but in the end, I think it will become more obvious.
Final Thought
Sydney and I have weathered enough storms to know that change is part of life. But when the tides start shifting toward profit over people, it’s worth keeping a close eye on the horizon. The Safe Harbor name may not change, but the experience of docking there just might. And as always—keep your lines tight and your eyes open.
A Good Read for Perspective
If you want to understand the private equity playbook and how it applies to real-world infrastructure, check out “The Lords of Easy Money” by Christopher Leonard. It’s an eye-opening look at how financial engineering shapes the economy—and it’ll give you a clearer sense of the forces at play behind the Safe Harbor deal.
