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ROYAL ISLAND, BAHAMAS-In a venture its founder calls "a once-in-a-lifetime opportunity," Texas-based investor Behringer Harvard is teaming with football legend Roger Staubach on the transformation of a private island into an expansive resort community. When completed, the chic Royal Island will feature an 80-room boutique hotel, hundreds of residential units, a village center and a championship golf course designed by Jack Nicklaus.

"It's quite an exciting project," Behringer Harvard SVP James Fant tells GlobeSt.com, with the firm buying a one-third interest in the venture. The exact commitment amount was not released.

The deal fits Behringer Harvard's increased attention to the hospitality sector, according to Fant. "These are not elements foreign to us or the founder of the company," he says, explaining that CEO Robert Behringer has made individual investments in such projects, while the firm recently took over a family run resort in the Florida Keys that is being upgraded to at least a four-star status. Hawk's Cay Resort, as the Florida resort is called, should benefit from Behringer Harvard's capital and management approach, Fant says.