Anchor South Investments LLC, a Knoxville-based resort and marina management company, has added Dale Hollow State Park Marina to its stable of properties. The company said it bought the Burkeville, Ky., property from a private development firm and plans to invest about $750,000 to improve and expand it.
Dale Hollow State Park Marina is a 200-slip marina in the Kentucky park system. The property includes an 18-hole championship golf course, 60-room lodge and conference center, campground and public launch access on Dale Hollow Lake, which is part of the Obey River.
Anchor South CEO Mitchell Jones said the company plans to expand the marina’s ship store and boat-rental operation, and is planning other improvements.
The decision to buy the marina came after managing other properties on Dale Hollow Lake, Jones said. In 2013, Anchor South signed agreements to manage Holly Creek and Eagle Cove marinas. “But when the contracts expired, we didn’t want to renew the management agreements, so we raised about $30 million in capital and another $30 million through a debt instrument and went looking for assets to purchase,” he said.
Anchor South is in negotiations to acquire two other marina properties — one in east Tennessee and the other in Kentucky. The company owns or manages seven properties now, and Jones anticipates the total will be 12 by the end of the year.
Get more information at anchorsouthmanagement.com.