The resort has 177 guest rooms; 297 privately owned villas, the majority of which participate in a rental management program; 25,000 sf of meeting space and 10,000 sf of office and retail space. Amenities include five restaurants, a resort bar, five swimming pools, a 7,000-sf spa, a 52-slip full service marina, tennis courts and children's program.

"Our goal with the planned renovation is to create a four-star experience, from the public area and guestrooms down to the landscaping and amenities," says Behringer Harvard CEO Robert Behringer. "Among the advantages Hawk's Cay will have over its regional competitors are its extensive meeting space, its impressive amenity package and its self-contained island setting."

The joint venture plans to undertake an extensive renovation and rebranding strategy for the property. Northview will lead the redevelopment efforts and operate the property. "Five Star and Northview have significant experience with hospitality properties and the ability to recognize value-add and opportunistic investments with high upside potential," Behringer says.

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