STAMFORD, Conn.–(BUSINESS WIRE)–

Sheraton Hotels & Resorts, part of Starwood Hotels & Resorts Worldwide, Inc. (HOT), today announced the expansion of its North America portfolio with the strategic conversion of a resort in Panama City Beach, Florida. Sheraton Bay Point Resort, which was recently acquired by Bay Point Fund 8, LLC, an entity of CAI Investments, LLC, will undergo an extensive $30 million renovation and repositioning project before opening in mid-2016 under the continued management of Crescent Hotels & Resorts. This new signing contributes to the brand’s goal of adding 150 new Sheraton properties worldwide by 2020, just one of several initiatives currently underway as part of Sheraton 2020, an all-encompassing plan designed to make Sheraton the global hotel brand of choice, everywhere.

“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,” said Allison Reid, Senior Vice President of North America Development, Starwood Hotels & Resorts Worldwide, Inc. “Strategic conversions in targeted destinations like this one continue to propel the Sheraton brand’s growth across North America and beyond.”

Boasting a scenic location within a 1,100-acre wildlife preserve on St. Andrews Bay, Sheraton Bay Point Resort will feature a total of 319 guest rooms, including 200 in the main building and 120 golf villas. Renovations will result in a top-to-bottom transformation of all guestrooms and public areas, including the resort’s three restaurants and lounges and its 40,000 square feet of meeting facilities. An ideal choice for events or golf tournament, Sheraton Bay Resort will offer a number of indoor and outdoor options for meetings, as well as a variety of recreation facilities, including a private beach, three outdoor pools, a variety of watersports, two golf courses, a golf and tennis clubhouse, 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,” said Christopher Beavor, Managing Partner of Cai Investments. “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.”

Sheraton Bay Point Resort is just minutes from the beaches on the Gulf of Mexico, Gulf World Marine Park, Captain Anderson’s Marina, and the shops, restaurants and bars in Panama City Beach. The resort is also within close proximity of Beaches International Airport (ECP) and Fort Walton Beach Airport (VPS).

For more information on Sheraton Hotels & Resorts, please visit www.sheraton.com

About Sheraton Hotels & Resorts

Sheraton Hotels & Resorts, the largest and most global brand of Starwood Hotels & Resorts Worldwide, Inc., makes it easy for guests to explore, relax and enjoy the possibilities of travel through smart solutions and effortless experiences at more than 440 hotels in more than 72 countries around the world. The brand is currently in the midst of implementing Sheraton 2020, a 10 point plan designed to make Sheraton the global hotel brand of choice, everywhere. Sheraton recently launched “Where Actions Speak Louder,” a multi-channel, multi-million dollar advertising campaign that highlights the brand’s ongoing enhancements to its guest experience, including new products and partnerships, and a renewed focus on service. With work well underway, the brand has already rolled out a variety of initiatives under Sheraton 2020, including Paired, a new imaginative lobby bar menu; the richest SPG promotion in the brand’s history; and Sheraton Grand, a new premier tier that recognizes exceptional Sheraton hotels and resorts. To learn more, visit www.sheraton.com. Stay connected to Sheraton: @sheratonhotels on Twitter and Instagram and facebook.com/Sheraton.

About CAI Investments, LLC

CAI Investments is a Las Vegas based development company managed by Chris Beavor currently developing 4 hotels and numerous other retail developments through out the country and has partnered with Crescent and Starwood on future development projects.

About Crescent Hotels & Resorts

Crescent Hotels & Resorts is a nationally recognized, top-5 operator of hotels and resorts. Crescent currently operates over 100 hotels and resorts in 36 states in the US and 5 provinces in Canada. Crescent is one of the few elite management companies approved to operate upper-upscale and luxury hotels under the brand families of Marriott, Hilton, Starwood, Hyatt and IHG. Crescent also operates a collection of legendary independent hotels and resorts. Crescent’s clients are made up of hotel REITs, private equity firms and major developers. For more information, please visit www.chrco.com.

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