(Bloomberg) -- Suntex Marinas Investors LLC, an owner and operator of marinas across the U.S. backed by Centerbridge Partners LP, has hired a lead underwriter as it prepares for a U.S. initial public offering, according to people with knowledge of the matter.
The Dallas-based real estate investment trust tapped Bank of America Corp. to helm a listing that could occur as soon as the third quarter, said one of the people, all of whom requested anonymity discussing the plans. Any transaction may value the company at more than $3 billion and is dependent on market conditions, the person said.
Representatives for Centerbridge and Bank of America declined to comment. A Suntex spokesperson didn't immediately respond to a request for comment.
New York-based Centerbridge has been an investor in Suntex since March 2021. Suntex, led by Chief Executive Officer Bryan Redmond and Chairman Johnny Powers, in February acquired Westrec Marinas, am owner-operator of marinas.
“We continue to see significant growth opportunities to serve the increasing demand for boating and leisure activities,” Centerbridge's head of real estate William Rahm said in a statement at the time.
The company's portfolio includes marinas in California, New York, New Jersey, Florida, Texas and Georgia, among other states. Should it make a public markets debut, Suntex will compete in part with Sun Communities Inc., which in 2020 acquired Safe Harbor Marinas and Sam Zell's Equity LifeStyle Properties Inc., which counts marinas among its real estate holdings.
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