After its annual investor conference, Driftwood Capital revealed that its hotel development pipeline has surpassed $1 billion in projected value. The portfolio comprises $800 million worth of strategically pursued projects under construction or set to commence in 2024, highlighting Driftwood Capital’s strong and tactical growth in the hospitality sector.
The projects include:
- Element by Westin Melbourne, Florida: This $54 million development is nearing completion and is expected to open in June 2024.
- Element by Westin Mission Valley San Diego, California: A $74 million development underway in March 2024, with completion projected in 2026.
- Westin Resort & Spa Cocoa Beach, Florida: This approximately $410 million luxury resort development is expected to break ground in Q3 of 2024.
- Riverside Wharf Miami, Florida: This $267 million, transformative mixed-use development on downtown Miami’s riverfront features a Dream Hotel. Ground is expected to break in the latter half of 2024. This project benefits from Opportunity Zone advantages and efficient EB-5 capital sourcing through Driftwood Capital’s affiliate EB-5 Regional Center.
“In an era facing notable challenges in capital availability for new construction within the hospitality industry—stemming from higher interest rates and other costs—we are delighted with our strong development pipeline for 2024,” Carlos Rodriguez, Sr. says, Chairman and CEO of Driftwood Capital. “Our proven success, coupled with our integrated approach, strengthens lender confidence and strategically positions us to collaborate with other developers, leveraging our comprehensive capabilities.”
Driftwood Capital is known for offering a comprehensive range of services for new development, including financing, construction management, and various traditional and alternative capital-raising strategies. The firm’s integrated service offering, expert investor relations support, and property management have helped establish a strong reputation within the hotel industry.
“The hotel industry’s resilience, along with our capability to seize thematic investment opportunities, continues to place us at the forefront of both acquisition and development,” Carlos Rodriguez, Jr. says, president and COO of Driftwood Capital, We are excited to maintain and grow our partnerships with key industry stakeholders, focusing on capitalizing and executing emerging trends with the highest standards of transparency, accountability, and governance.”
Driftwood Capital has established relationships with premier hotel brands and major financial institutions, positioning it for continued success. The company’s in-house team of experts specializes in development, financing, technology, and data analytics and is essential to this success. With their capabilities, Driftwood Capital can identify various opportunities and bring them to fruition, thereby earning the market’s and investors’ trust. Driftwood Capital is known for guiding experienced hotel developers to success by supporting EB-5 financing, Opportunity Zone expertise, capital raising, traditional financing, hotel brand selection, and securing municipal incentives. The company’s comprehensive construction execution and hotel management expertise make it the ideal joint venture partner in the hotel industry.
