CRANSTON – TPG Hotels, Resorts & Marinas has added two Jamestown marinas to its portfolio, acquiring both Conanicut Marina and the Taylor Point Boat Yard.
Conanicut Marina, TPG said on Monday, has more than 4,500 linear feet of dockage for boats up to 225 feet in size plus 150 moorings. The 5-acre Taylor Point site offers boat repairs and storage for up to 220 boats. Each property was previously owned and operated by Bill Munger for the last 47 years, said TPG, the hospitality management affiliate of Procaccianti Cos.
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Munger in a statement said it’s been time to hand the torch off to someone else, but selling the two properties that would still be a component of the community “was equally important.”
“It’s taken a while to boil that all down. The chemistry had to be good, and this company is primarily in the hospitality business. They [TPG] are quality people,” Munger said.
TPG Vice President of Corporate Marketing and Public Affairs Ralph V. Izzi Jr. in an email Monday to Providence Business News said terms of the deal are not being disclosed. More information regarding improvements to the two locations will be shared “in the coming weeks,” he said.
In a statement, TPG Chief Investment Officer Robert Leven said the company now has a presence on Jamestown’s east and west passages “with a world class marine services facility centrally located to provide boaters with a full complement of integrated marine services.”
TPG also owns Dutch Harbor Boat Yard in Jamestown, and Champlin’s Marina and Resort in New Shoreham. It also owns marinas and other assets in New York and Massachusetts.
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.
