Sheraton Hotels & Resorts will continue its North American expansion with the strategic conversion of Sheraton Bay Point Resort in Panama City Beach, Florida—to open in mid-2016 after an extensive renovation.
The resort, recently acquired by Bay Point Fund 8, LLC, an entity of CAI Investments, LLC, will undergo a $30 million makeover and repositioning project before re-opening under the continued management of Crescent Hotels & Resorts.
“Sheraton Bay Point Resort represents another strong addition to the growing Sheraton portfolio and gives Starwood a foothold in Panama City Beach, one of the most sought-after vacation destinations on Florida’s Emerald Coast,” Allison Reid, senior vice president of North America Development for Starwood Hotels & Resorts Worldwide, Inc., said.
Starwood is the parent company of Sheraton Hotels & Resorts.
Against a backdrop of pristine scenery on St. Andrews Bay, Sheraton Bay Point Resort will offer 319 guest rooms, including 120 golf villas. All guest facilities and public areas will undergo a dramatic transformation, including the resort’s three restaurants, lounges and meeting facilities.
The accommodations will feature indoor and outdoor options for both business and recreation, including a private beach, pools, golf and tennis, and a full-service luxury spa.
“We are delighted to partner with Starwood Hotels on this project, and look forward to raising the Sheraton brand flag in 2016 at this premier resort in Florida’s panhandle,” Christopher Beavor, Cai Investments’ managing partner, said. “Following the renovation and repositioning, we expect Sheraton Bay Point Resort will significantly raise the bar for resorts in this area and emerge as a leading choice among global travelers.”
The acquisition contributes to Sheraton's global goal—to add 150 new Sheraton properties by 2020—just one of several initiatives in progress as part of the firm’s all-encompassing Sheraton 2020, a plan designed to make Sheraton the global hotel brand of choice, everywhere.