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'The Mom and Pop Marina is a Thing of the Past'
Yacht Clubs of Americas Secures $200M in Funding

Posted Monday, July 10, 2006

 
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Yacht Clubs of the Americas Secures $200 Million in Funding, Closes on Three Florida Marinas

FORT MYERS, Fla., July 10, 2006 -- Yacht Clubs of the

Americas announced the purchase of marinas in Tampa, Naples, and Key West. These facilities will join Sanibel Harbour Yacht Club as their areas' premier private yacht clubs and member-owned boat storage facilities (called "Dockominiums" or "Rackominiums"). Steeven Knight (Founder and CEO of YCOA) said, "We are excited to expand our model to new locations.

As we continue to add to our network of facilities, our newly acquired properties will serve as valuable assets in creating our network of home ports for boaters." The YCOA concept brings peace of mind and enjoyment to owners of all sized boats. Clubs in the network extend 5-star concierge service and wholesale pricing of amenities and fuel to all owner/members.

Through a fee-simple, titled real estate purchase, buyers at the new facilities will realize a capital appreciation on their investment and secure their lifetime waterway access. There are over one million registered boaters in the state of Florida and the number rises every day. The state's boating access infrastructure is already overtaxed and continues to face a wave of waterfront residential and hotel development that threatens recreational boating. YCOA understands the plight of recreational boaters and strives to ensure that waterway access is preserved, both today and in the future, for boaters.

According to Knight, "The mom & pop marina is a thing of the past. Based solely on economics, a rental facility is unable to substantiate an income that can surpass the value of the waterfront property on which it sits. Greatest and best use of land dictates that hotels and condominium associations are viable financial uses of the property. By creating associations though the 'Dockominium' concept, YCOA has ensured that waterfront access remains in the hands of its owner/members instead of placing access in the hands of a single marina owner." In the case of a solely owned marina facility, the owner(s) could sell the marina property, thus affecting the storage of its many renters or leasers. YCOA's condominium documents dictate that, to change its purpose or dissolve its association, a 4/5 vote of its members is required.

Owner/members at all YCOA facilities are afforded the right to lease their space. This allows waterway access, as well as full club amenities access, for those individuals who may be financially unable to purchase a "Dockominium" or "Rackominium." Mr. Knight predicts that "marinas that continue to operate as rental facilities will be forced to increase rates in line with the twenty percent or more rate increases that have been recorded over the past three years. The decision to raise rates will remain at the sole discretion of the marina owner(s), as opposed to a YCOA facility where each and every owner has a say in the destiny of their facility. Those individuals that have not secured access will be forced to pay rate increases, or move to other options (such as trailering) to continue boating."

Only a limited number of slips will be offered at each location. Owners will have the use of an extensive array of amenities, such as a full-time Dockmaster and staff, dockside gourmet deli and owners' lounge, unlimited in/out service, boat washing and engine flushing, pool, waterfront tiki hut and barbeque area, shower and restroom facilities, 24-hour security and all fuel and provisions at wholesale cost.

Knight noted, "With all of the boats being registered throughout Florida, wet and dry storage space is at a real premium. Our facilities offer a way to lock in your investment at today's prices, and secure you future boating enjoyment."

 
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