We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies.

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Close Menu
Golf Daily
  • Home
  • Features
  • Courses & Destinations
  • Business & News
  • Gear & Technology
  • Blog
Facebook X (Twitter) Instagram
Golf Daily
  • Home
  • Features
  • Courses & Destinations
  • Business & News
  • Gear & Technology
  • Blog
Golf Daily
Home»Business & News»Calmwater Capital acquires Banyan Cay Resort & Golf Club
Business & News

Calmwater Capital acquires Banyan Cay Resort & Golf Club

Golf Business NewsBy Golf Business NewsOctober 22, 2023No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

Calmwater Capital, a real estate bridge lender based in El Segundo, California, acquired Banyan Cay Resort & Golf Club in West Palm Beach, Florida, after a prior buyer dropped out.

This story was originally reported by Golf Inc. magazine.

Banyan Cay has a tumultuous history, dating back to 2015, when Domenic Gatto, Jr., the previous developer, obtained approval from the city to build on the site. The plans at the time were for a Hyatt-branded hotel, a 170-unit condominium, 28 single-family homes and 22 villas. 

The golf course opened two years later, but construction on the rest of the project ceased when Gallo became embroiled in a number of lawsuits for alleged nonpayment of contractors. 

A subsequent unrelated charge of federal conspiracy to commit health care fraud delayed the project even further, ultimately resulting in a Chapter 11 bankruptcy filing in March 2023.

Westside Investment Partners, a Denver-based real estate investment firm, then pledged to buy the property for $102.1 million following approval from bankruptcy court, but backed out of the deal in July, leaving the property without an owner. This triggered a clause that allowed Calmwater Capital, the largest creditor for the property, to become the next in line to acquire the project.

The club is a mixed-use property that has sat unfinished for some time, with a completed golf course and partially built hotel on the site. Resources are immediately being devoted to finish development of the hotel, spa and fitness center and reopen the golf course.

Located in the center of West Palm Beach, the key feature of the property is Jack Nicklaus’s 300th Signature 18-hole course. Extensive renovations to restore the golf course have already begun and include aeration and re-seeding of the course and tees, landscaping of the course and lake areas, and bunker restoration with new white sand, as well as the purchase of new maintenance equipment. 

Calmwater Capital has also hired crews to complete the 150-room hotel and resort, which will feature three restaurants, a first-class spa and fitness complex, wedding venue, meeting space and banquet facilities for up to 200 people. Other amenities of the resort will include a resort-style swimming pool and pickleball courts. The hotel brand and timeline for completion will be announced at a later date.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleHeritage Golf Group Now AT 33 acquisitions with Florida’s Club at Grandezza
Next Article KemperSports chosen to manage Michigan’s Tanglewood GC
Golf Business News

Related Posts

NGF Bulletin: Golf’s Private Side

October 8, 2025

PRESIDENTS CUP NAMES B. DRADDY AS OFFICIAL UNIFORM AND APPAREL PROVIDER AND ZERO RESTRICTION AS OFFICIAL UNIFORM AND OUTERWEAR PROVIDER

October 8, 2025

TROON SELECTED TO MANAGE LAS COLINAS GC IN QUEEN CREEK, ARIZONA

October 8, 2025
Leave A Reply Cancel Reply

Search
Podcast

Tips To Plan Your Golf Trip To Scotland

Sponsors
About
About

Your source for daily golf news

We're social, connect with us:

Facebook LinkedIn RSS
Popular Posts

NGF Bulletin: Golf’s Private Side

October 8, 2025

SCOTTSDALE GOLF RETREAT AT TROON NORTH, VALLEY’S NEWEST LUXURY STAY-AND-PLAY RESORT PROPERTY, TO OPEN EARLY 2026

October 8, 2025

PRESIDENTS CUP NAMES B. DRADDY AS OFFICIAL UNIFORM AND APPAREL PROVIDER AND ZERO RESTRICTION AS OFFICIAL UNIFORM AND OUTERWEAR PROVIDER

October 8, 2025

Subscribe to Updates

Get the latest news from GolfDaily.com

Copyright © 2013-2025. Designed by GolfTrips.com.
  • Home
  • Contributors
  • Contact
  • Privacy

Type above and press Enter to search. Press Esc to cancel.