Hyatt and Banyan Cay Announce New Development Plans for Palm Beach

Hyatt and Banyan Cay Announce New Development Plans for Palm Beach

Hotel giant Hyatt and Banyan Cay Development recently announced that they entered into a franchise agreement to develop and introduce a destination hotel brand. The destination hotel will be the first full-service Hyatt-branded property in Palm Beach County. Here is more about Hyatt and Banyan Cay’s Announcement for New Development Plans in Palm Beach

The Banyan Cay Resort & Golf Destination Hotel

According to a recent press release, Hyatt Hotel Corporations announced that “a Hyatt affiliate has entered into a franchise agreement with Banyan Cay Development (BCD) to develop Banyan Cay Resort & Golf, a Destination Hotel.” The Banyan Cay Resort & Golf will feature 150 guestrooms and offer travelers an array of amenities, including “a 5,000 square-foot spa and fitness center, tennis pavilion, swimming pools, and three food and beverage venues, including signature restaurants and golf clubhouse dining.”  The hotel will also have 22 luxury villas. Additionally, the property includes “over 10,000 square feet of planned indoor meeting and events spaces” for private conferences and gatherings. The location is just six miles from beautiful beaches and is close to West Palm Beach International Airport.

Banyan Cay Resort & Golf features the 130-acre Jack Nicklaus signature 18-hole golf course and clubhouse, which is currently operational. The course has been the location for several charity tournaments and is a qualifier for the PGA Honda Classic and the US Open.

Banyan Cay Development

According to a recent report, the $100 million Banyan Cay project is the “largest redevelopment in West Palm Beach” in the last two decades.

Last year, Banyan Cay project’s construction came to a halt until October, when activity inexplicably resumed. Construction activity began again when it was agreed that Banyan Cay would become part of Hyatt’s Destination Hotels portfolio, a boutique luxury brand.

The $100 million Banyan Cay project is located complex east of Interstate 95, off Congress Avenue, and north of Palm Beach Lakes Boulevard. The Banyan Cay property was the site of the President Country Club. In 2015, the former club property was sold by an investor group to Banyan Cay Dev LLC, for $26 million. At that time, development plans included a Jack Nicklaus designed golf course and a luxury hotel to be managed by boutique Noble House Hotels & Resorts. The golf course was designed, built, and became a PGA-tour destination. The hotel, however, stopped construction in 2019 and remained unfinished without windows or a roof.

By October of 2019, Noble House was no longer a hotel partner in the venture, and Hyatt entered the scene. Now that plans for the future are in place, construction is back underway.

The collaboration is well-timed as the new destination property is expected to open when tourism is anticipated to increase in the area.

The Banyan Cay Resort & Golf is scheduled to open in Palm Beach County in late 2021.

At Rabideau Klein, we have extensive experience handling real estate transactions in the Town of Palm Beach and in Palm Beach County. David E. Klein, Esq. and Guy Rabideau, Esq. are Florida Bar Board-Certified Real Estate Attorneys with the experience you need to manage all legal aspects of your Palm Beach real estate property transaction.  Contact Rabideau Klein today to discuss your real estate legal needs.

 

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