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Driftwood Capital’s Hotel Development Pipeline Surpasses $1 Billion

The prominent vertically integrated commercial real estate firm is based in Coral Gables.

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.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.