Market Opportunity
With more than 7,000 luxury yachts (80 ft/23 meters or more) globally, and more than 650 new megayachts slated to enter the waters this year, there is a global shortage of marina facilities equipped to accommodate these large boats.Growth in the size of luxury yachts, with vessels routinely exceeding 200 ft, and their increasing technological complexity, are key elements that have left existing facilities lacking in the appropriate infrastructure – utilities, fuel, service, and berthing – necessary to provide a complete suite of services.
The business of operating a luxury yacht or megayacht marina is a highly specialized hospitality business, where the yacht owner expects to be well-maintained and fully supplied at all times. The traditional marina industry provides safe and secure docking, but does not have the focus on customer service that this segment requires.
Luxury yachts and megayachts are highly complex vessels outfitted with satellite communications and navigation systems, complex electronics, high-capacity mechanical systems and luxury appointment – all of which must operate in an ocean environment, extremely inhospitable to delicate electronics, equipment, and finishes.
The luxury yacht owner wants to dock in high-profile locations that are well-located to access attractions of the particular port. Owners expect that the captain and crew will be able to satisfy their desires, as well as those of their guests – whether it is for gourmet foods, fine wines, ground transportation, or entertainment.
The marina developer must provide a design that permits easy entry and exit for boats, together with the correct balance of visibility and privacy. Most importantly, the captain must be assured that they are being hosted by a marina operator who understands the needs of a captain and actively assists them in satisfying every desire the yacht owner and their guests may have.
Market-leading functional benefits, together with highly evolved guest services expertise, create the opportunity for competitive advantage that is both compelling and sustainable.
