Miami voters approve Miami River Dream hotel project
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.
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.
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.
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.
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
Miami voters approve Miami River Dream hotel project
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.
Hotels in the top 25 markets across the U.S. were the hardest hit by the pandemic-induced demand downturn but have come back with a vengeance, fueled by outsize rate growth.
Rocketing Hotel Demand for Artemis 1 Launch Highlights Growth of Space Coast Tourism
NASA's Artemis program is not only an exciting start to the next stage in space exploration, it also opens new opportunities for hotels along Florida’s Space Coast
Driftwood Capital Provides Financing for a 26-Hotel Portfolio Acquisition
Through its lending fund, Driftwood Lending Partners, LP (DLP), Driftwood originated a three-year, $44.5 million mezzanine loan, with two one-year extension options. The mezzanine loan sits behind a $226 million senior facility, originated by Starwood Property Trust.
Miami voters approve Miami River Dream hotel project
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.
Business Travel Slow To Recover, but Projected To Reach 2019 Levels Next Year
Hotel demand from business travelers, which has been the slowest to bounce back in the U.S. hotel industry’s recovery from the COVID-19 pandemic, will return to peak 2019 levels by the end of next year, CoStar’s Director of Hospitality Market Analytics Daryl Cronk projects.
Driftwood Capital Completes Staybridge Suites Hotel in Downtown Wilmington, Delaware
Located at 1220 N. Market Street in Downtown Wilmington, the 11-story property features 134 suite-style accommodations, a lounge, fitness center, sundries shop and a business center with meeting spaces designed for today’s business and leisure travelers.
