Sun Communities will sell its superyacht servicing business for $5.65 billion in cash, as the real estate investment trust aims to focus on its core segments and reduce debt, sending its shares up more than 5%.

Private equity giant Blackstone has agreed to acquire Safe Harbor Marinas, a Dallas-based marina and superyacht servicing company, for $5.65 billion from Sun Communities. Why it matters: This is a reminder that the pandemic-era boating boom didn't sink.