Westgate Resorts has unveiled a partnership and multi-million-dollar investment in the Banyan Tree Bimini Resort & Residences project on Rockwell Island in Bimini, Bahamas.
The investment—made in collaboration with Gissy Family Investments, other partner investors, and RAV Bahamas, led by developer Gerardo Capo—marks Orlando-based Westgate’s first venture in the Bahamas. RAV Bahamas previously developed the $850 million Bimini Bay project on Rockwell Island.
The Banyan Tree Bimini Resort & Residences will feature oceanfront homes with bay-side docking for 80- to 120-foot yachts, along with plans for an 18-hole golf course, a boutique hotel and a nature preserve.
“This new strategic investment marks an important milestone for Westgate as we expand our capabilities as a company,” Jim Gissy, CEO of Westgate Resorts and chair of Gissy Family Investments, said in a statement. “It reflects our confidence in the long-term growth of the Bahamas and our commitment to creating exceptional travel experiences.”
“We are focused on expanding within vacation ownership and in complementary sectors such as hotel development, real estate, and strategic investment partnerships,” according to Jared Saft, Westgate’s chief business & strategy officer.
The investment follows a series of recent initiatives for Westgate Resorts, including a new partnership with Choice Hotels, the launch of its VI Resorts by Westgate brand, the opening of River Country Water Park at Westgate River Ranch Resort & Rodeo and the debut of the Mystery Fun House Arcade Experience in partnership with Chuck E. Cheese.