MIAMI, Florida—Driftwood Capital introduced the profitable preliminary closing of its newest fund, Driftwood Florida House Coast Portfolio, LP, specializing in the acquisition and growth of current and soon-to-break-ground lodge property in Florida’s House Coast.
Consisting of 4 large-scale beachfront property representing manufacturers together with Marriott, Hilton, and IHG, upon completion of the Westin Cocoa Seaside Resort, Spa, and Convention Heart, the fund’s portfolio is anticipated to characterize roughly 11 % of all of the lodge rooms within the House Coast market and 62 % of the world’s beachfront lodge stock. Every property within the fund’s portfolio serves a visitor phase tailor-made to its respective model.
“Since 2013, Driftwood has had a significant presence in Florida’s House Coast,” mentioned Carlos J. Rodriguez, Sr., chairman and CEO of Driftwood Capital. “Once we first entered this market over 10 years in the past, we acknowledged the untapped potential for this area to change into a hub that melds enterprise, innovation, and leisure tourism. Immediately, as we proceed to speculate as a associate for progress within the House Coast, the world continues to attract vacationers and new residents because it emerges into a major coastal vacation spot with quite a few demand drivers throughout a wide range of sectors.”
Anticipating future progress and demand alongside the House Coast, the fund’s portfolio is projected to incorporate greater than 1,200 guestrooms, 166,000 sq. ft of assembly area, and 21 meals and beverage venues on 36 beachfront acres.
The Fund’s portfolio is comprised of the next property:
- Westin Cocoa Seaside Resort (projected 502 guestrooms together with 69 suites)
- Hilton Cocoa Seaside (295 guestrooms)
- Factor by Westin Melbourne (130 guestrooms)
- Crowne Plaza Melbourne (290 guestrooms)
The House Coast has a wide range of demand mills in quite a few sectors. A vacation spot for companies and vacationers alike, the area’s proximity to Orlando and the growing actions from the area trade have attracted thousands and thousands of tourists yearly.
Figuring out the House Coast’s excessive obstacles to entry and navigating them over the previous decade, Driftwood has solidified its place as an proprietor of hospitality property within the area. Assembly zoning, environmental, and group concerns, Driftwood is an proprietor/operator, delivering lodge property to satisfy demand on this market.
Elevated demand is anticipated within the House Coast market within the coming years. With 111 rocket launches anticipated in 2024 per Florida Lt. Governor Jeanette Nuñez, final yr’s report of 72 launches is anticipated to be surpassed by the yr’s finish. Present projections point out greater than 300 rockets are anticipated to launch in 2028, drawing elevated tourism and enterprise journey.
Earlier in 2024, Driftwood introduced that its lodge growth pipeline exceeded $1 billion in projected worth. Driftwood’s growth portfolio contains tasks valued at roughly $500 million, that are both underneath building or scheduled to interrupt floor in 2024, demonstrating the agency’s place within the hospitality sector.
