Hospitality companies sign deals for new projects

Several new major hotel projects have been signed in recent days, including two for major urban hubs, indicating optimism for the return of business travel in the future.

Palm Beach County, Fla.

An affiliate of Hyatt Hotels Corp. has entered into a franchise agreement with Banyan Cay Development to develop Banyan Cay Resort & Golf, a Destination Hotel. Expected to open in late 2021, this property will mark entry of the Destination Hotels brand into Florida and will be the first full-service Hyatt-branded property in Palm Beach County.

Banyan Cay Resort & Golf will have 150 guestrooms, a 5,000 square-foot spa and fitness center, a tennis pavilion, swimming pools, and three food-and-beverage venues, including signature restaurants and golf clubhouse dining. The property also will have more than 10,000 square feet of indoor meeting and events spaces.


Braniff Airways—the former international airline that is now a historic airline branding and marketing, retail and historic airliner tour firm—signed a licensing agreement for the licensing of a new Braniff hotel project at the former Airline’s Hostess College in Dallas.

The agreement was signed with Dallas historical property developer MM Property Holdings, the new owner of the Hostess College property, which was purchased from Greenway Properties of Dallas. MM Property Holdings was the developer of the historic 169-room Statler Hilton Hotel in Dallas.

The Hostess College Hotel will have 75 guestrooms with a design theme inspired by Braniff International, including historic elements. The hotel will complement the TWA Hotel in New York City as the only other airline-themed hotel.

Braniff will maintain creative control over the use of its intellectual property throughout the two-year restoration project. The company will also provide consultation and assistance with the interior and exterior restoration of the property. Proposed hotel amenities include a restaurant, a bar and a large swimming pool with outdoor bar and beverage service. 


Marriott International has signed an agreement with Magellan Development Group to bring its St. Regis Hotels & Resorts brand to Chicago. The project is slated to include 191 hotel rooms and 393 branded residences within the 101-story building. 

Previously under construction as the Wanda Vista Hotel and Vista Tower, the property is being rebranded as the St. Regis Chicago and the Residences at the St. Regis Chicago. The residences are slated to open in December and the hotel by July 2021.

“The St. Regis Chicago will mark the start of an exciting new era by bringing an unsurpassed luxury lifestyle to one of the city’s most desirable neighborhoods, Lakeshore East,” said Timothy Grisius, global real estate officer, Marriott International. “We are pleased Magellan Development Group has chosen to introduce the St. Regis brand to this vibrant community in the heart of Chicago.”

Located downtown, The St. Regis Chicago will span a total of three towers in the Lakeshore East community. The area includes a mix of residential and corporate properties, all centrally anchored by a public park. The project offers views and exposures overlooking over the Chicago River to the north, Lake Michigan to the east, Millennial and Grant parks to the south and the Loop skyline to the west.

The St. Regis Chicago will provide several dining options from the city’s Alinea Group, including a restaurant overlooking the Chicago River. The hotel will have more than 7,670 square feet of meeting space—including a 5,000-square-foot ballroom for business events—along with a fitness center, a spa, a swimming pool and an outdoor pool terrace.