A hoist system and a method for lifting and lowering an object such as a boat include a support structure, a support member supported by the support structure and a hoisting assembly. The hoisting assembly includes an attachment assembly and a set of at least three flexible members operably coupled to the support member and the attachment assembly to retract and extend the attachment assembly vertically relative to a reference axis. The hoisting assembly is supported by the support structure and configured with the support member so as to space apart the flexible members from each other, and wherein each flexible member defines an oblique angle with the reference axis parallel to the vertical reference axis.