Sheraton Hotels & Resorts plans resort conversion in Panama City, Florida

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) company Sheraton Hotels & Resorts said it has expanded 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 USD30 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 Hotels & Resorts boasts 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.