Blackstone agreed to acquire Safe Harbor Marinas in an all-cash deal worth $5.56bn. The acquisition underlines Blackstone’s strategy to capitalise on a recession-resistant luxury tourism sector.

Safe Harbor Marinas manages 138 marinas across the United States and Puerto Rico. It also provides essential maintenance services for superyachts. The transaction, announced on Monday, will be executed through Blackstone’s infrastructure funds. The deal values Safe Harbor at 21 times its estimated 2024 funds from operations.

According to PitchBook’s senior industrials analyst, Jim Corridore, luxury tourism remains resilient amid economic fluctuations and geopolitical uncertainties. He added that rising wealth among high earners is driving demand for larger yachts.

Blackstone is no stranger to marine investments. In 2019, the firm made a growth investment in Carrix, a marine terminal operator with more than 250 facilities globally.

Wells Fargo served as the lead financial adviser on the deal. Gibson, Dunn & Crutcher and Simpson Thacher & Bartlett acted as legal advisers, while Lazard, Latham & Watkins, and Taft Stettinius & Hollister advised Sun Communities.

This acquisition highlights Blackstone’s commitment to investing in sectors that offer stability and growth even during challenging economic cycles.