Media Contact: Wendy Schechter or Jen Galluzzo 

Harrison Edwards

(m) 917-687-9696 / (845) 663-3566  

wschechter@harrison-edwarrdspr.com or jgalluzzo@harrison-edwardspr.com 

“This is an exceptional opportunity in an extremely hot market” 

(West Palm Beach, FL…. April 17, 2023) ……………. Keen-Summit Capital Partners LLC has been retained, under a Federal Bankruptcy Court Order, as the exclusive real estate advisor to market and run the competitive sale of Banyan Cay Golf & Resort, a 250-acre luxury resort property in West Palm Beach that includes a nearly-completed 150-room Hyatt-branded boutique hotel; a 130-acre golf course designed by golf legend Jack Nicklaus; and development sites approved for 179 condo units, and 22 villas plus additional development land.  

The property’s current developers, owners, and operators Banyan Cay Resort & Golf LLC, filed for Chapter 11 reorganization in in West Palm Beach in March of 2023 (Case No. 23-12386).  At present, the golf course – which has been open since 2017 – has approximately 200 members, and the hotel is nearly completed.  

According to Matthew Bordwin, Principal/Co-President of Keen-Summit Capital Partners LLC, several offers were received, and stalking horse contracts selected for all of the debtors’ properties. “It is not surprising as this is an exceptional opportunity in an extremely hot market,” he said of the South Florida property, which is located at a go-to vacation destination that exploded in recent years.  “Its location within 5 miles of Palm Beach International Airport and East of I-95 make this an irreplaceable opportunity,” continued Bordwin. 

Joe Pack of Pack Law, counsel to Banyan Cay advised “The debtors believe that a sale of the assets represents the best path to maximize value for all stakeholders.” In conjunction with the work done by Keen-Summit initially, Pack filed with the bankruptcy court a stalking horse contract for $102,100,000, which sets a baseline for an overbid marketing process. “That contract and the bid procedures have been filed with the court but are subject to final court approval. Assuming all goes according to plan, we expect to have a robust overbid auction in June,” said Bordwin. 

According to various reports, development interest in the West Palm Beach region advanced significantly with a record 1.9 million square feet under construction at the end of 2022. “With new funding combined with the restructuring, and with the region well-positioned for growth in 2023, we’re anticipating a truly active sales process of this luxury property,” Bordwin said.  

Banyan Cay Resort & Golf features: 

• • Main Building (95+/- complete) 

• • ACCOMMODATIONS: 150 keys (75 King Rooms, 4 King ADA Rooms, 3 King Suites / 61 Double Rooms, 5 Double ADA, 2 Double Suites) 

• • FOOD & BEVERAGE: Signature Restaurant, Waterside Bar &  
    Restaurant, Café/Grab and Go, and Club Room 

• • MEETING SPACE: Two Ballrooms, Meeting Rooms, Board Room,  
    Pre-Function and Private Dining 

• • SPA, FITNESS & POOLS: Full-Service Spa, Fitness Building and  
    3 Outdoor Pools 

• • A Jack Nicklaus signature 18-hole golf course with 20 ft elevations, water features, sod-wall bunkers, and a clubhouse, opened in 2017  

• • Proximity to Palm Beach International Airport and Worth Avenue a shopping mecca (both about 10 minutes away) 

Banyan Cay isn’t the first mega property auction for Keen-Summit. Last month, they successfully auctioned off the WC Braker portfolio in Austin, TX for over $102 million, 36% over asking price – in 63 days from list to closing. In 2020, during the height of the Covid pandemic, they secured the sale of L’Ermitage Beverly Hills Hotel for $100 million.  

The auction is currently set to take place on June 13 with a bid deadline of June 8.  For further information, please visit www.BanyanCay-BankruptcySale.com and contact the following at Keen-Summit Capital Partners LLC: Matthew Bordwin at 646-381-9202; Harold Bordwin at 646-381-9201; Chris Mahoney, at 646-381-9205; or Heather Milazzo at 646-381-9207.