Sheraton Hotels & Resorts has announced plans to renovate Sheraton Bay Point Resort in Panama City Beach, Florida in a bid to expand its North America portfolio.
The new investment is part of Sheraton’s goal of adding 150 new properties worldwide by 2020.
As part of the latest development, the resort, which was recently acquired by Bay Point Fund 8, will have a $30m renovation.
Starwood Hotels & Resorts Worldwide North America Development senior vice-president Allison Reid said: "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.
"Strategic conversions in targeted destinations like this one continue to propel the Sheraton brand’s growth across North America and beyond."
The renovated property is expected to open in mid-2016 under the continued management of Crescent Hotels & Resorts.
In another development, Starwood opened first Sheraton Chuzhou Hotel in Chuzhou, a city in Anhui Province, China.
The new hotel, owned by Chuzhou Alliance Hotel Management, marks the brand’s 70th hotel in the region.
Starwood Hotels & Resorts Asia Pacific Brand Management senior brand director Vincent Ong said: "The opening of the first Sheraton hotel in Chuzhou underscores Starwood’s continued commitment to aggressively expanding its footprint in the region, and builds on the Sheraton brand’s long legacy as a first-mover in markets across China and Asia Pacific."
Sheraton Chuzhou features 348 contemporary rooms and suites in addition to the brand’s signature amenities, including Sheraton Fitness Center, an indoor heated pool and luxury spa.