Chasen Companies Diversifies Into Yacht Charters
Real estate development firm expands to include luxury yacht experiences in the Bahamas
(BALTIMORE, June 28, 2021) – Chasen Companies, a real estate firm that acquires, develops and manages luxury properties in the Greater Baltimore and Washington DC markets, today announces it is diversifying its investment strategy into yacht charters—a global industry that is expected to reach $17.19 billion by 2026. The firm has a twin fleet consisting of a 101’ Hargrave and 110’ Broward, both focused exclusively in the Bahamas. To date, both yachts are booked into 2022.
“Yacht charters represent a diversification into an industry with many similarities to real estate. Both have varying classes of tangible assets with a clear trackable market value that can be significantly increased with modernization,” said Brandon Chasen, CEO and Founder of Chasen Companies. “When operated successfully, real estate and yacht charters can produce a profitable operating cash flow. Just as we found success in its real estate business by upgrading Class C assets to Class A, they found the same opportunity in the yacht charter industry.
Chasen’s foray into yachts began in 2020. The financial crisis and global pandemic presented historic change across a variety of industries and as the world shut down and businesses shuttered, luxury items were among the first to be sold for those in need of cash. As the travel industry came to a screeching halt, people still showed interest in vacations. Yacht charters were among the safest experiences for families and friends, and when the costs are compared for lodging, food and experiences across a whole week, the spend is not that much different (Travel & Leisure).
After researching potential markets to charter yachts, the Bahamas checked every box—a pro-tourism government, easy access from the U.S. and internationally, a low supply of charter yachts, and a geography nothing short of paradise. “The Bahamas, particularly the Exumas, is among the top island destinations in the world—home to crystal clear blue water, pristine white beaches, vibrant reefs, natural lazy rivers, and beautiful underwater wildlife and an endless supply of breathtaking sunsets,” added Chasen.
The firm’s first purchase, and now the crown jewel of the fleet, is a 101’ Hargrave. Despite a dated interior, the engines and mechanical systems had been recently replaced and were well maintained. Chasen modernized the boat with a complete interior and exterior renovation--putting its stamp on the yacht experience similar to the company’s boutique apartment properties with luxurious yet inviting designs and topnotch amenity access. They also partnered with a yacht charter operator that is one of the most established in the Bahamas with more than 20 years in business.
The yacht is now named Limitless. She is equipped with best-in-class water toys and sports, including a 32’ Intrepid twin-engine center console tender, slide, water cabanas, eFoil electronic surfboards, WaveRunners, SEABOBS, paddleboards, kayaks, as well as snorkel and fishing gear, to name a few.
To learn more about Chasen Companies’ Limitless yacht, visit www.limitlessyacht.com.
About Chasen Companies
Chasen Companies acquires and develops properties in the Greater Baltimore and Washington DC markets. The firm specializes in luxury multifamily, commercial and single-family properties. Each living and workspace is intentionally designed to provide a boutique setting while maintaining the historic heritage of the property. More information is available at https://www.chasencompanies.com/.