Back-Up Buyers

Flat Hollow Marina & Resort

172 Wet Slips

24 Floating Homes Under Management

Full Service Floating Restaurant, Chalets & More

$5,250,000 Original Listing Price

4 Offers (institutional & retail) ≈ 5% of List Price

Satisfied 1031 Exchange

The Situation

Flat Hollow Marina Resort is one of the largest marinas on Norris Lake, boasting 172 wet slips, 24 floating homes under management, a full service floating restaurant, chalets and more. During the initial valuation stage (Q1 2019), the LIPG demonstrated how the hospitality component at Flat Hollow accounted for a substantial percentage of the business. Yet, there was consistency and significant growth after COVID-19, which has continued to this day. Multiple different exit options and strategies were evaluated to help the owners determine the best path forward for what they wished to do post-sale. Towards the end of 2019, the owners were ready to execute their selected strategy, and listed with the LIPG.


LIPG Difference

A little after being on market at $5,250,000, COVID-19 hit the United States. LIPG consulted with the sellers about the most likely challenges this would bring to the marketing effort, and how those challenges could impact the property, resulting in a temporary withdrawal from market. As the weeks went by, the business was closely monitored and strategy was set to re-launch mid-summer (at this point, the marine industry was proving to fare very well through the pandemic, and investment interest increased significantly).

Upon re-launching the asset, LIPG targeted a wide range of investors, including: current marina owners, first-time owners, institutions, cross-product type buyers, and private clients. Shortly after being on market, the LIPG presented four offers from qualified buyers (institutional and retail).


Winning Result

The four offers averaged around 5% of list price, and the sellers ultimately selected a buyer with an institutional background. Shortly after going under contract with this buyer, however, it became clear that an internal tax strategy would not succeed as it related to allocation and on-site amenities. The LIPG quickly brought in another buyer who was in a 1031 exchange out of RV parks – a very qualified entrepreneur that understood the business and had plans to improve the asset even more. The opportunity was perfect for what the buyer was looking for, it was close to other property owned, and it ultimately satisfied the requirements of the 1031 exchange. 

“We were very impressed with the LIPG’s professionalism and attention to detail through the entire process. Their packaging and marketing process was very comprehensive and put us in the best position to find the right buyer. Due to their efforts and negotiation, closing happened right on time”.

– Former Owner, Flat Hollow Marina & Resort






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