Davis Marlow, chairman of Marlow Yachts, in Palmetto, Florida, has bought the Merrill Stevens Dry Dock facility for US$6.6m.

Marlow says he has ambitious plans to renovate the six-acre Miami facility over the next two years.

The price is half that paid by previous owner, Hugh Westbrook, when he bought the premises in 2004.

Merrill Stevens opened the dry dock in 1923 to service commercial, pleasure and military boats.

The facility can handle approximately 20 yachts over 30m each.