MIAMI, Florida—Driftwood Capital has secured a complete of $207 million in senior development financing and Business Property Assessed Clear Vitality (C-PACE) financing for its Westin Cocoa Seaside Resort & Spa on Florida’s Area Coast. After breaking floor in September 2024, the $420 million, 502-key resort is a part of Driftwood’s decade-long funding to develop the area’s hospitality profile and meet demand. The Westin Cocoa Seaside Resort & Spa is scheduled to open in 2027.
Metropolis Nationwide Financial institution of Florida offered $70 million in development financing at a aggressive rate of interest, with Bayview PACE, a division of Silver Hill Funding, LLC offering $137 million in C-PACE financing. Driftwood additionally secured $50 million credit score facility from Amerant Financial institution on the holding firm/fund degree (Driftwood Florida Area Coast Portfolio).
“This milestone in securing financing displays the unwavering dedication and resourcefulness of our crew,” stated Carlos Rodriguez Sr., chairman and CEO, Driftwood Capital. “The Westin Cocoa Seaside Resort & Spa won’t solely set a brand new normal for luxurious within the area but in addition symbolize the innovation and ambition that drive our imaginative and prescient for the Area Coast.”
“In tandem with the Area Coast’s imaginative and prescient for ingenuity and exploration, the Westin Cocoa Seaside Resort & Spa is a leap for the way forward for hospitality within the area and a direct response to the enterprise and leisure demand that’s build up in and across the area—filling a much-needed void out there,” added Carlos Rodriguez Jr., president and COO, Driftwood Capital. “In one other record-setting 12 months, the Area Coast noticed 93 launches that additional our funding thesis and assist projections. As we witness this progress within the Area trade, this resort is about to turn into a beacon of luxurious and comfort for all sorts of vacationers, positioned to cater to the inflow of holiday makers wanting to be part of this dynamic space’s ascent.”
Serving to fill a 160-mile hole of Marriott beachfront resorts alongside the Atlantic coast between Daytona Seaside and Hutchinson Island, the Westin Cocoa Seaside Resort & Spa will function:
- 11 meals and beverage venues together with themed eating places
- Spa
- Browsing wave pool
- Swimming swimming pools
- Tennis and pickleball courts
- Health middle with cardio and weights
- A number of retail choices
- Multistory parking storage to accommodate about 800 automobiles
“We’re not simply constructing a lodge; we’re crafting an expertise the place the celebs meet the sand,” added Jay Cooper, managing director of growth and development at Driftwood Capital. “Our aim is to make sure that the Westin Cocoa Seaside Resort & Spa not solely meets expectations, however exceeds them, creating a brand new normal for what it means to remain on the Area Coast.”
The resort will supply 72,000 sq. ft of open-air venues for conferences and occasions, complemented by 51,500 sq. ft of indoor area designed for gatherings and conferences.
As a part of Driftwood’s Florida Area Coast portfolio, Driftwood is projected to personal greater than 1,200 visitor rooms, 166,000 sq. ft of assembly area, and 21 meals and beverage venues on 36 beachfront acres alongside Florida’s Area Coast from Cocoa Seaside to Melbourne, Florida.
As soon as accomplished, it’s projected that Driftwood Capital will personal roughly 62 p.c of the area’s beachfront stock and 11 p.c of its complete lodge stock. The Westin Cocoa Seaside Resort & Spa is predicted to generate about $3 million in vacationer taxes in its first 12 months of operation and $4.5 million a 12 months by its fifth 12 months of operation whereas creating roughly 1,800 direct and oblique jobs in its first 12 months.
