Panama City Beach, Florida – May 27, 2014 – CBRE Hotels arranged the sale of the 319-room Wyndham Bay Point Resort, a 235,032-square-foot property located at 4114 Jan Cooley Drive in the Bay Point Resort Golf Club, along Saint Andrew’s Bay in Panama City Beach, Florida. CAI Investment Series 2, LLC acquired the property from Bay Point Resort Assets, LLC. CBRE Hotels represented the seller.
“The Wyndham Bay Point is a complicated property with a lot of moving parts, but it also affords tremendous upside once repositioned,” said CBRE Hotels’ Paul Weimer. “Despite numerous challenges, we were able to produce nearly two dozen competitive and qualified offers.”
The Wyndham Bay Point Resort includes more than 40,000 square feet of flexible indoor/outdoor function space. In addition to food and beverage outlets, the property features such amenities as six pools, two whirlpools, two fitness rooms, five tennis courts, a children’s playground and two 18-hole golf courses, including the only Jack Nicklaus golf course in Northwest Florida.
Located in Florida’s growing panhandle region, the Wyndham Bay Point Resort sits on 321 acres at the tip of Bay Point with frontage and private beach access along Saint Andrew’s Bay. Over the last 10 years, more than $25 million was spent on capital improvements to the hotel, golf course and golf villas, and in the creation of a 12,000 square-foot spa.
The Miami-based CBRE Hotels team representing the seller included Christian Charre, Paul Weimer, Natalie J. Castillo and CBRE’s John Lamberson, from the Memphis affiliate office.
CBRE Hotels is a specialized advisory group within CBRE Group, Inc. providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 37 offices across the globe. For more information, please visit our website at www.cbrehotels.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.