Driftwood in the News

A Capital Idea

May 1, 2021

Coral Gables Magazine

Coral Gables-based Driftwood Capital was already investing in hotels when COVID created buying opportunities.

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Hotel developer proposes Brevard County-owned convention center in Cocoa Beach

April 29, 2021

Florida Today

Hotel developer proposes Brevard County-owned convention center in Cocoa Beach.

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Space Coast tourism sees huge boost when there is a launch

April 23, 2021

Spectrum News

The popular eatery normally sees a fair amount of hungry customers around opening time, but the manager of six years said it gets even more slammed when folks know there is a launch on the horizon.

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After strong spring break, Space Coast expects boost from launch of astronauts

April 19, 2021

Florida Today

An increase in the number of Space coast launches this year is expected to drastically increase the number of launch tourism visitors to Brevard.

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Opportunity Zone investors pour in ahead of key deadlines

April 7, 2021

The Real Deal

Opportunity Zone funds have seen a boost in recent months, including several in South Florida.

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WMRE's Common Area: Now is the Time to Invest in Hotels

April 5, 2021

wealthmanagement.com

Driftwood Capital's Carlos Rodriguez explains why investors should strike now if they want to enjoy the full upside of the post-pandemic recovery for hospitality properties.

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Driftwood Capital Provides $9M Mezzanine Loan for Home2 Suites Hotel in Charlotte

April 5, 2021

connectcre.com

Vertically-integrated commercial real estate investment, development and lending platform Driftwood Capital has provided a $9 million mezzanine loan toward the recapitalization of the 180-key Home2 Suites by Hilton Charlotte Uptown in Charlotte.

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Driftwood Capital Provides $9M Mezzanine Loan on Home2 Suites by Hilton in Charlotte, N.C.

March 31, 2021

citybiz.co

Driftwood Capital, a vertically integrated commercial real estate investment, development, and lending platform specializing in hospitality, announces that it has provided a $9 million mezzanine loan.

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Nine Tips For Identifying New Hotel Real Estate Opportunities

March 29, 2021

Forbes

With the looming shade of Covid-19 slowly dissipating and vaccines rolling out, tourism is likely to resume in some capacity in the near future. Real estate investors have the perfect entry point into the hospitality real estate investment market.

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Briefs: Colony checks out | Sailing lifts Auckland

March 29, 2021

Hotels Magazine

Colony officially out of hospitality: Colony Capital has completed the final sale.

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Cocoa Beach set to approve $300 million development at International Palms site

March 29, 2021

Wesh2

The International Palms off A1A in Cocoa Beach was once a mainstay, but the city's mayor says it's time the prime property gets an upgrade.

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Cocoa Beach set to OK $300M Westin luxury resort at International Palms site

March 28, 2021

Florida Today

In this excerpt from our Building Brevard conversation, Rob Landers talks with Dave Berman about the International Palms site.

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First $300 million luxury hotel under construction on the Space Coast

March 18, 2021

Fox 35 Orlando

The first luxury hotel is coming to Brevard County, and with it, excitement, jobs, and potentially a $425 million economic boost.

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Westin Hotel & Resort Cocoa Beach redevelopment project gears up for construction

March 10, 2021

Orlando Business Journal

The 16-acre Westin Hotel & Resort Cocoa Beach project is a $300 million redevelopment of the current International Palms Resort & Conference Center.

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PTK People & Projects to Know in Commercial Real Estate – 2021 Edition

March 1, 2021

AZ Big Media

This new hotel was designed to have a strong connection to the community implementing design features that take direct inspiration from local and regional influences.

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Hotel Sellers Use Car-Sales Model to Finance Lodging Deals

February 23, 2021

Wall Street Journal

Driftwood Capital recently bought the Hilton Dallas Southlake Town Square hotel but got a loan from the seller for around 75% of the price.

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Space Coast Vaults to Second on Milken Institute’s Best Economic Performing Cities Index

February 19, 2021

Space Coast Daily

The Palm Bay-Melbourne-Titusville Metropolitan Statistical Area continues to rocket up the rankings of the Milken Institute’s Best-Performing Cities, rising to second in the prestigious index for 2021.

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Driftwood Capital Begins Work on New Iconic Westin Cocoa Beach Resort, Completion Expected in 2024

January 17, 2021

Space Coast Daily

Cocoa Beach is on track to get its first 4+ Star hotel – an “iconic resort” worthy of the Space Coast’s past and future, according to the developer’s application.

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Driftwood Capital Acquires 248-key Hilton Hotel in Dallas

December 22, 2020

Hospitality Net

The firm purchased two hotels in 2020 through its new $125M hotel acquisition fund

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Florida investor takes Southlake hotel

December 21, 2020

The Dallas Morning News

Driftwood Capital bought the 248-room Hilton Southlake in the Southlake Town Square development.

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Canopy By Hilton West Palm Beach Downtown Receives Hilton Legacy Award for 2019 New Build of the Year

December 17, 2020

Hilton

Hilton today revealed its 2019 Legacy Award Winners, an annual program recognizing its owners and development partners in the Americas.

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Latin American hotel investors are betting on Miami. Thank Super Bowl LIV.

December 17, 2020

Miami Herald

Miami hotels broke records for revenue per room and average daily rate during Super Bowl LIV.

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Hilton, Marriott CEOs Say Investors Should Act Now

December 7, 2020

Hotel News Now

Choice Hotels International has seen solid performance across its portfolio throughout the pandemic and plans to drive performance past 2019 levels through its continued focus on its upscale, extended-stay and midscale brands.

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Hilton, Marriott CEOs Say Better Times Ahead for Hotel Investors

December 7, 2020

Costar

Now Is the Time to Build Out a Diverse Portfolio, Say Executives at Hilton, Marriott and Goldman Sachs.

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Palm Beach Hotels and Restaurants Heat Up for 2021

December 3, 2020

New York Post

While many of its top hotels and restaurants shuttered earlier this year due to the pandemic, and most new openings were delayed, the famed Florida enclave is beginning to reawaken.

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Hotel Investors Can Capitalize On Today’s Deep Discount Opportunities

November 24, 2020

Forbes

CEO of Driftwood Capital, focuses on the investment, development and syndication of institutional-quality hotel assets.

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$300M Cocoa Beach Westin resort to replace International Palms, breaking ground in Q3 2021

November 10, 2020

Florida Today

Despite rocky times in the hotel industry during the COVID-19 pandemic, Driftwood Capital CEO Carlos Rodriguez Sr. hopes to break ground.

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Construction Set to Begin in 2021 on Iconic Westin Cocoa Beach Resort, Will Create 800 Jobs

November 3, 2020

Space Coast Daily

Driftwood Capital has officially submitted its plans to the city planning board for its redevelopment of the International Palms Resort and Conference Center into a new 502-key Westin Cocoa Beach Resort.

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White Knights or Opportunists? Bridge, Preferred Equity Investors an Option for Struggling Real Estate

October 26, 2020

Law.com

Bridge loans and preferred equity options for hotel owners after noel forbearance runs out.

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White Knights or Opportunists? Bridge, Preferred Equity Investors an Option for Struggling Real Estate

October 26, 2020

Globest.com

Bridge loans and preferred equity are options for hotel owners after loan forbearance runs out.

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Driftwood Capital plans beachfront Element hotel in Melbourne

October 12, 2020

Orlando Business Journal

A South Florida developer plans to redevelop a Brevard County parking.

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Driftwood Capital reveals Westin Hotel & Resort Cocoa Beach construction timeline

October 9, 2020

Orlando Business Journal

The Westin Cocoa Beach is expected to create up to 800 temporary construction jobs and 420 full- and part-time jobs.

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Hoteliers remain optimistic despite pandemic fatigue

October 6, 2020

Hotel News Now

IHG Hotels & Resorts reported in July that 50% of its hotels achieved revenue per available room above 2019 levels and its Holiday Inn Express brand reached 3,000 open hotels.

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Driftwood Capital gears up for ‘tsunami of deals’

September 22, 2020

Hotel News Now

Driftwood Capital launches new lending fund as virus disrupts industry.

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Driftwood Capital targets $100M for new lending fund

September 4, 2020

Hotel Management

Driftwood Capital, a privately held real estate firm specializing in hospitality investments, has launched fundraising for its new mezzanine lending fund.

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Driftwood Capital Targets $100M with New Mezz Lending Fund

September 3, 2020

Hotel Business

Driftwood Capital, a privately held real estate firm specializing in hospitality investments, has launched fundraising for its new Mezzanine Lending Fund.

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Driftwood seeks $100m for new hotel-focused debt fund

September 2, 2020

Refi US

The company is responding to demand from hotel owners and lenders who have solid long-term business plans but are struggling as a result of the Covid-19 pandemic.

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Can Mezzanine Loans Spur Hospitality’s Rebound?

July 1, 2020

Commercial Property Executive

Hospitality has taken a heavy hit due to pandemic-induced restrictions and is now facing a long road to recovery.

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Submerged in securities: Many CMBS hospitality loans may be underwater soon

June 12, 2020

The Real Deal

U.S. hotel and retail owners are getting buried in CMBS debt as losses mount and loan servicers loom.

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Trust CEO: Hotel Operators Not 'Receiving Any Income For The Remainder Of Year Of Any Kind'

May 18, 2020

Bisnow

Trust Hospitality CEO Richard Millard said the coronavirus has eliminated his company's revenue. Trust operates 31 boutique hotels, and as an operator, he said 2021 might be the next time his company takes in revenue.

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Trade Group: Hotel Layoffs Likely if PPP Loan Limits Aren't Increased

April 30, 2020

globest.com

Lawmakers need to amend the CARES Act to cover more costs or risk hotel staff layoffs and closures, according to the American Hotel & Lodging Association.

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A View from the Front Lines: What’s Happening With Hotels Now

April 29, 2020

globest.com

There’s going to be a pruning of the development pipeline, and a lot of owners either seeking to exit their positions or in need of rescue capital to preserve the positions, Driftwood’s Carlos Rodriquez Sr. says.

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When Will The Hotel Market Rebound? Capital Strategies For Today's Distressed Assets

April 29, 2020

Forbes

CEO of Driftwood Acquisitions and Development, focused on the investment, development and syndication of institutional-quality hotel assets.

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Driftwood Rebrands to Focus Beyond Hotels

March 27, 2020

globest.com

Driftwood Capital has rebranded itself to emphasize its expansion beyond the hospitality industry. The former Driftwood Acquisitions & Development is preparing for the future, says its CEO Carlos Rodriguez Sr.

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FF&E deliveries delayed; developers hit pause

March 24, 2020

Hotel News Now

Hotel News Now reached out to FF&E experts and hotel owners for updates on how COVID-19 is affecting material deliveries and development projects in the U.S.

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Slowdown In Foreign Investment In U.S. Real Estate Is Cause For Concern

March 17, 2020

Forbes

CEO of Driftwood Acquisitions and Development, focused on the investment, development and syndication of institutional-quality hotel assets.

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New $50.9M residential project proposed

February 24, 2020

Orlando Business Journal

Phenix City, Alabama-based developer Trimback Construction LLC's entity The Cocoa Grand LLC plans to build a 268-unit apartment complex, dubbed Cocoa Grand, in the city of Cocoa, southeast of King Street and Range Road, according to state records.

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Movers & Shakers: Sapir announces sales team for Surfside project, Franklin Street taps retail head & more

February 18, 2020

The Real Deal

Developer Alex Sapir named his sales team for Arte by Antonio Citterio, a luxury condo development in Surfside. Douglas Elliman’s Oren Alexander, Tara West, Eloy Carmenate, Mick Duchon and Dean Bloch are leading sales of the 12-story, 16-unit condo.

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Driftwood Capital Taps Global Architecture Firm Gensler for $250 Million Westin Cocoa Beach Development

February 7, 2020

Hospitality Net

Driftwood Capital has selected Gensler as the architect for the Westin Cocoa Beach, a new $250 million oceanfront hotel development on Florida's Space Coast.

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Driftwood Capital Selects Gensler as Architect for $250 Million Oceanfront Westin Cocoa Beach Project

February 7, 2020

Space Coast Daily

Driftwood Capital has selected Gensler as the architect for the Westin Cocoa Beach, a new $250 million oceanfront hotel development on Florida’s Space Coast.

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Driftwood obtiene nuevo capital que le permitirá invertir en próximos cinco años

February 6, 2020

America Economia

Desde su lanzamiento en 2015, Driftwood Acquisitions & Development ha colocado más de US$400 millones en capital de LP tanto en adquisiciones como en desarrollo de hoteles en los Estados Unidos, representando una cartera de más de US $1.000 millones.

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Driftwood to chase more deals through new platform

February 6, 2020

Hotel News Now

Driftwood Capital has made some fundamental changes and additions to grow its network of investors and chase more deals in the hotel space via a plan to spend $3 billion over the next five years.

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News in Brief: Witkoff opens Miami office; Nonprofit HANDY relocates headquarters to Fort Lauderdale

February 5, 2020

South Florida Business Journal

New York-based real estate investment and development group Witkoff opened a 6,000-square-foot office at 4400 Biscayne Blvd. in Miami. The office is slated to employ 30 to 40 people by 2022.

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Driftwood Capital Is Ramping Up Acquisitions And Lending In 2020

January 30, 2020

Forbes

A Coral Gables hotel development and financing company is aggressively scaling up its acquisitions and construction strategy.

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South Florida investment firm aims to deploy $3B in new investments

January 29, 2020

South Florida Business Journal

The firm made three executive level hires to coincide with the rebrand.

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Driftwood Rebrands, Restructures, Adds New Execs

January 27, 2020

Hotel Business

Driftwood Capital, a privately held real estate firm specializing in hospitality investments, is restructuring and scaling up its activity in 2020 via its new Development, Acquisitions and Mezzanine Lending GP Funds.

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Driftwood secures capital, adds lending division

January 24, 2020

Hotel Management

Driftwood Capital is invested in hotels across the country, including the San Diego Marriott Mission Valley.

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5 things to know: 24 January 2020

January 24, 2020

Hotel News Now

Chinese travel bans grow California readjusting after record openings year Driftwood announces $3 billion investment plan Canada saw RevPAR contraction in 2019 Trump pushes for European trade deal in Davos.

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Driftwood Secures New GP Capital Allowing $3 Billion in Deployments Over Next Five Years

January 23, 2020

Business Wire

Driftwood secures new GP capital allowing up to $3 billion in deployments in development, acquisitions and mezz lending and is expanding partnerships & JVs across the country.

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How Crowdfunding Opens Doors for Real Estate Investors

January 7, 2020

Forbes

Real estate crowdfunding has grown into a multibillion-dollar industry, with platforms reporting annual volume doubling and tripling each year.

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Driftwood closes first Opportunity Zone deal in Flagler Village

January 3, 2020

The Real Deal

As investors rushed to invest in Opportunity Zones before the end of the year, Driftwood Acquisitions & Development and Merrimac Ventures locked in their first deal in the federal tax program.

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The Marriotts of the world aren’t calling emerging hotels competition just yet

December 9, 2019

Miami Herald

Hotel industry leaders and lenders aren't calling emerging hospitality brands competition just yet.

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Hilton CEO warns against ignoring global warming threat

December 6, 2019

The Real Deal

A lodging industry honcho said hotel companies need to do more to reduce the effects of global warming — before environmental regulators across the globe do it for them.

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Cocoa Beach will allow planned luxury resort to exceed current height restrictions

December 6, 2019

Florida Today

Cocoa Beach gave the OK Thursday for a developer to move ahead with plans for a luxury resort at the site of the International Palms Hotel.

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New Rules Coming for EB-5 Program This Week

November 19, 2019

Globest.com

Created in 1990, the EB-5 program allows international investors to fund job-creating projects in exchange for green cards and subsequently, citizenship for themselves and their family members.

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HNN Answers: How do you plan to protect NOI?

November 15, 2019

Hotel News Today

Revenue-per-available-room growth has flatlined, the labor environment is still complicated, and costs are continuously on the rise. In this third installment of HNN Answers, hoteliers share their best practices for protecting NOI.

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High-end Cocoa Beach resort could be 'game changer' for county, bring big business

November 12, 2019

Florida Today

High-end Cocoa Beach resort could be 'game changer' for county, bring big business.

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Developer: Why this $250M Cocoa Beach resort project is 'my baby'

October 17, 2019

Orlando Business Journal

Here's why this developer was drawn to the seaside community in Brevard County.

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What a view: Take a peek at this rooftop bar at one of West Palm’s newest hotels

September 26, 2019

The Palm Beach Post

The Canopy Hotel by Hilton is set to open in January with a rooftop bar called BanterUp. It’s the third new hotel for downtown West Palm Beach that will feature rooftop bars.

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Driftwood Hospitality Management Appoints Executive Team to Launch Canopy West Palm Beach Downtown

September 24, 2019

Hotel Online

Driftwood Hospitality Management has appointed three industry-leading executives to launch Canopy by Hilton West Palm Beach Downtown, the brands’ first Canopy in Florida.

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New OZ Fund Secures Two Initial Hotel Investments in Fort Lauderdale, Wilmington, DE

May 8, 2019

Globest.com

Locally-based Driftwood Acquisitions and Development reports it has launched its initial opportunity zone fund with a target raise of $50 million.

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South Florida hotel investment firm launches $50M Opportunity Zone fund

May 8, 2019

The Real Deal

Driftwood has closed two deals in the fund, including a dual-branded Hilton in Fort Lauderdale

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4 markets on the East Coast that top developers’ lists

April 4, 2019

Hotel Management

Hotel development is booming across the United States to the tune of 2.1 percent supply growth as of February 2019

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This Week’s Hotel Deals

March 27, 2019

Lodging

The latest hotel deal, acquisition, and financing announcements.

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Marriott Mission Valley Acquired by Miami-Based Investment Firm

March 25, 2019

San Diego Business Journal

The 353-room San Diego Marriott Mission Valley has been acquired by Miami-based Driftwood Acquisitions and Development for $85.7 million.

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Miami-based firm enters California market with $85.7M Marriott hotel acquisition

March 24, 2019

The Real Deal

Driftwood Acquisitions and Development acquired the Marriott Mission Valley in San Diego and plans to build another hotel on the same site.

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Miami’s Driftwood Nabs $64M in Morgan Stanley Debt for SoCal Acquisition

March 20, 2019

Commercial Observer

The company, Driftwood Acquisitions & Development, will put the proceeds to use in its $85.7 million purchase of the Marriott Mission Valley, a 353-room hotel at 8757 Rio San Diego Drive.

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Driftwood Sells Altamonte Springs Marriott Hotel for $11.65 Million

February 19, 2019

law.com

An affiliate of Driftwood Acquisitions & Development, SHS Altamonte Springs Ltd., sold the hotel to 205 West State Road 436 LLC for $11.65 million, according to the Seminole County Property Appraiser’s office.

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Florida's retirement communities face growing demand for more space, luxury

January 29, 2019

Florida Trend

As baby boomers age and seniors continue to retire to Florida, the state’s strong housing market has led to heightened demand for high-end continuing-care retirement communities.

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Miami-based firm sells Springhill Suites hotel near Orlando for $11.65M

January 26, 2019

The Real Deal

Miami-based Driftwood Acquisitions and Development sold a 90-key Springhill Suites hotel near Orlando for $11.65 million.

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Unique deal structures propel Driftwood’s expansion

January 7, 2019

Hotel News Now

With its latest agreement to buy a portfolio of Atlanta hotels in a joint venture, Driftwood Acquisitions and Development’s M&A strategy and investment structure are continuing to pay dividends.

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EB-5 and Opportunity Zones: Chutes & Ladders for Developers and Investors alike

January 2, 2019

National Real Estate Investor

Of particular interest this year is the burgeoning area of Opportunity Zones, an investment vehicle made possible by the Tax Cuts and Jobs Act of 2017.

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Real Estate Journal: Opportunity Zones could bring huge tax breaks to investors

December 21, 2018

South Florida Business Journal

More than 8,700 U.S. census tracts have been designated as Qualified Opportunity Zones since the real estate investment program was signed into law as part of the Tax Cuts and Jobs Act.

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Miami company enters Atlanta hotel market via JV’s multimillion-dollar portfolio buy

December 12, 2018

Atlanta Business Chronicle

A new player from Miami has entered Atlanta’s hotel market through a joint venture’s multimillion-dollar acquisition of a six-hotel portfolio in the metro area.

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In the U.S., a Spate of Hotel Sales

December 10, 2018

Hotel Business

Hotel Business is tracking a flurry of hotels sales activity as the year comes to a close. Here’s a look at what’s being bought and sold:

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Driftwood Acquisitions & Development Enters Atlanta Market With Acquisition Of Three Marriott-branded Hotels

December 3, 2018

Hospitality Net

Company acquires 368 hotel rooms in prime locations throughout the coveted Atlanta market

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Driftwood named one of South Florida's 2018 Businesses of the Year

April 26, 2018

South Florida Business Journal

Driftwood named one of South Florida's 2018 Businesses of the Year

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How Jimmy Buffett Turned Hit Song 'Margaritaville' Into A Multibillion-Dollar Empire

August 10, 2017

Forbes

Jimmy Buffett’s classic hit “Margaritaville” is celebrating its 40th anniversary this year. The song debuted on the 1977 “Changes in Latitudes, Changes in Attitudes” album and quickly took on a life of its own.

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The publications shown are the works of independent third parties. All information provided is for informational purposes only and should not be deemed to be investment advice of Driftwood or any of its affiliates or a recommendation to purchase or sell any specific security.  While Driftwood uses reasonable efforts to obtain information from reliable sources, no representations or warranties whatsoever are made by Driftwood or any other person or entity as to the accuracy, reliability, or completeness of any information or document contained herein. Opinions and any other content is subject to change without notice.