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September 2022

What's new at Driftwood

Driftwood Capital Acquires The Scottsdale Resort at McCormick Ranch in Arizona

Driftwood Capital has acquired The Scottsdale Resort at McCormick Ranch, a sprawling, hacienda-style resort with 326 guestrooms located on 16 lush acres in one of Arizona’s most exclusive planned communities.

Driftwood Capital plans to complete a multimillion-dollar renovation that will convert the Hotel to a Curio Collection by Hilton, a global upscale brand of one-of-a-kind hotels and resorts handpicked for their distinct character. The renovation will completely transform all guest-facing areas of the Hotel, including new food and beverage concepts, a complete revamp of the resort-style pool, and a new and expanded spa and fitness center.
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Driftwood successfully completes second exit, sells Sheraton Salt Lake City

Despite difficult market conditions due to the ongoing pandemic, Driftwood identified an off-market buyer and closed on the sale of the Salt Lake City Sheraton in December 2021.

The disposition represents an attractive exit following a five-year hold period during which Driftwood successfully executed on its business plan for the asset, including completion of a renovation, delivering a 32% cash-on-cash return based on distributions made as of Q3 2021. The transaction represents a 12.5% IRR and 1.68x equity multiple to LP investors.

Following successful execution of business plans, two EB-5 projects have returned capital & achieved targeted returns

We are pleased to announce that all EB-5 investors in the projects known as Residence Inn West Miami & Tru/Home2 Suites Ft. Lauderdale have now achieved targeted returns and a return of capital (in some instances, subject to holdbacks for compliance with immigration regulations). Funds provided by EB-5 investors assisted with the construction costs of the two hotels, the development of which created more than 800 jobs in South Florida. Both hotels are open and operational.

Driftwood Capital has a long-term commitment to the EB-5 program and will next focus on raising EB-5 investment capital for the project known as "The Riverside Wharf", a $180 million mixed-use development located in a targeted employment area in Miami that will generate 500+ permanent jobs in downtown Miami.

What's new in the industry

The Real Deal
August 24, 2022
The joint venture intends to build a $185 million mixed-use project anchored by a 165-key hotel under the Dream banner. Designed by John Cardello of Cube3 architects, the 200,000-square-foot development known as Riverside Wharf would also include 16,000 square feet of restaurants, a 12,000-square-foot event hall, a 30,000-square-foot nightclub and rooftop dayclub, and 600 feet of river frontage. Wharf Miami would be a tenant of the new complex.
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