HotelAVE has been appointed asset manager of Banyan Cay Resort & Golf, the 250-acre resort and golf course in West Palm Beach, Fla., that will become the first Destination by Hyatt hotel in Florida and the first full-service Hyatt property in Palm Beach County. Working with the property’s ownership groups, Banyan Cay Resort & Golf and Jacob Companies, as well as its management firm, Benchmark, hotelAVE will be oversee the development project that is slated to open in early 2022. Once open, Banyan Cay will be the largest redevelopment project in West Palm Beach in two decades.
Centrally located in West Palm Beach, Banyan Cay Resort & Golf is set near shopping and dining as well as sports venues and water activities. The resort will have 150 guest rooms and suites, 22 three-bedroom villas, two on-site restaurants, a spa as well as event space for social functions and corporate events. Activity features will include resort-style swimming pools, six tennis courts and four pickleball courts. The resort will also have Jack Nicklaus’ 300th Signature course with 18 holes.
Having previously asset managed and advised on more than 145 hotels in Florida, hotelAVE is currently engaged as asset manager in five Florida hotels and 10 other hotel projects opening in 2022 or 2023. The company uses its propriety process, RoadMAP, that accelerates openings and expediates stabilization.
As of January 2021, hotelAVE has been involved in more than 25 percent of all the North America hotel transactions over $25 million sold, whether as the asset manager for the seller, buyer or to perform acquisition due diligence, lender underwriting or other advisory service.
