Marriott & Co. Serves as Exclusive Financial Advisor to Cherrystone Family Camping Resort
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Cherrystone Family Camping Resort (“Cherrystone” or the “Company”) in its sale to Sun Communities, Inc. (NYSE: SUI) (“Sun”), a publicly-traded real estate investment trust (“REIT”) that invests in manufactured housing communities, RV resorts and marinas. The transaction closed on March 9, 2021. Terms of the transaction were not disclosed.
Family owned, operated, and developed by the Ballard family since its opening in 1964, Cherrystone has positioned itself as an exceptional campground not only on Virginia’s Eastern Shore, but on the entire East Coast. Cherrystone is situated on over 300 acres on the Chesapeake Bay in Cape Charles, VA and has been a camping favorite for generations of guests.
“Selling Cherrystone was not a decision that was made lightly, but I’m confident it was the right one,” said Chad Ballard, III, former President and Owner of Cherrystone, “Finding a buyer willing to put the same dedication and care into the park that we have in the past was at the top of our priority list, as well as someone who was committed to caring for the employees and guests. In Sun, we are confident we have found the right person to continue to operate and invest in Cherrystone, its people, and the Eastern Shore community.”
Justin Marriott, Managing Director of Marriott & Co. said, “We are honored that Chad entrusted us with the opportunity to advise Cherrystone on such an important transaction. The Company has such a long and proud history, and the transaction with Sun further strengthens Cherrystone’s position as the premier destination for RV campers for generations to come.”
“It was an absolute pleasure working with Chad and the rest of the Cherrystone team,” said Bryan Burden, Managing Director of Marriott & Co., “This is a fantastic outcome for all parties involved.”
Added Chad Ballard, “I would like to thank the Marriott & Co. team for managing such a professional and efficient process. Cherrystone has been owned by my family for multiple generations, so it was important that we felt comfortable with who was guiding us through the sale process. The Marriott & Co. team delivered every step of the way. They were hands-on, highly responsive and critical to achieving this successful transaction.”
About Cherrystone Family Camping Resort:
Located in Cape Charles, VA, Cherrystone Family Camping Resort (www.cherrystone.com) is a leading RV camping resort featuring nearly 700 sites situated on over 300 acres on the Chesapeake Bay and has been a camping favorite for multiple generations of guests. The campground’s many features include camping cabins, on-site camper rentals, five swimming pools, four fishing piers, a well-stocked general store and bait and tackle shop, and a beautiful beach. Family owned, operated, and developed since its opening on Mother’s Day weekend in 1964, Cherrystone has positioned itself as an exceptional campground not only on Virginia’s Eastern Shore, but on the entire East Coast. With unparalleled guest satisfaction and return camper rates, guests routinely rave about not only the location and amenities, but the employees that make their vacations so memorable with their genuine smiles and unmatched work ethic.
About Sun Communities, Inc. (NYSE: SUI):
Sun Communities, Inc. (NYSE: SUI) is a fully integrated real estate investment trust (“REIT”) that has been in the business of acquiring, operating, developing and expanding manufactured home (“MH”) and RV communities since 1975. Sun acquired Safe Harbor and its portfolio of marinas in October 2020. Through Safe Harbor, Sun also owns, operates, develops and manages marinas throughout the U.S. As of December 31, 2020, Sun owned and operated or had an interest in a portfolio of 552 MH communities, RV resorts and marinas located in 39 states throughout the U.S. and Ontario, Canada, including 276 MH communities, 136 RV resorts, 34 properties containing both MH and RV sites, and 106 marinas. The properties contained an aggregate of 188,176 developed sites as of December 31, 2020. For more information, please visit: www.suncommunities.com.
About Marriott & Co.:
Headquartered in Richmond, VA, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment banking firm focused on advising privately-held companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Contact: Justin Marriott
Phone: (804) 344-0952