One of the last independently owned marinas in Jamestown bought by RI investment group

·2 min read

JAMESTOWN — Family-owned and operated for over four decades, Conanicut Marina has been purchased by multimillion-dollar hospitality management company TPG Hotels, Resorts & Marinas, leaving one remaining independently owned marina in town, Clark Boat Yard.

Conanicut Marina’s 150-mooring boatyard covers 4,500 linear feet of dockage on Jamestown’s eastern passage and its parent company, Conanicut Marina Inc., operates the Jamestown Newport Ferry and Coastal Queen Cruises.

TGP also acquired Conanicut Marina’s Taylor Point Boat Yard, which holds an additional 220 boats.

Conanicut Marina in Jamestown.
Conanicut Marina in Jamestown.

The new owner, TPG Hotels, Resorts & Marinas, is one of several subsidiaries managed by Procaccianti Companies, the Cranston-based multi-million dollar real estate investment firm that, among several other brands and holding businesses, owns multiple large hotel franchise locations, Neon Marketplace brand gas stations and Jamestown Vineyards.

The company began acquiring several Northeast marinas 18 months ago, starting with its $19 million purchase of Block Island’s Champlin’s Marina and Resort in December 2020.

Since TPG Marinas also acquired Dutch Harbor Boat Yard on Jamestown’s western passage last year, the latest acquisition means the company has taken control of two out of the main three marinas in Jamestown. The one marina not owned by TPG, the former Jamestown Boat Yard, was acquired in January 2020 by Dallas-based Safe Harbor Marinas, another multimillion-dollar investment firm that claims to be the largest marina owner in North America.

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Conanicut Marina and Taylor Point Boat Yard were owned and operated by Jamestown native Bill Munger and his family since he opened the business in 1974. According to a TPG Hotels press release, he had been looking for the right person to purchase the property for a while.

“It’s been time to hand the torch off to someone else, but selling to somebody that would still be a component of the community was equally important,” Munger said in the press release. “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.”

This article originally appeared on Newport Daily News: Conanicut Marina, Jamestown, purchased by RI investment group

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