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 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
Hotel Online
February 11, 2022
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.
Hotel demand from families with students on spring break, as well as college basketball teams and March Madness fans during the NCAA men's basketball tournament, drove the U.S. hotel industry to its highest weekly occupancy since the end of summer 2021.
Business travel volume may be on the comeback trail but still remains below 2019 levels, and hoteliers in the meantime have successfully maintained high average daily rates to counteract lower occupancy levels, analysts said this week during Atlanta’s Hunter Hotel Investment Conference.
SDSU Analysis Highlights Benefits of In-Person Business Travel and Meetings to Organizations
An analysis conducted by the San Diego State University School of Hospitality & Tourism Management on behalf of the American Hotel & Lodging Association (AHLA) found that in-person business travel and meetings have undeniable advantages over virtual options.
U.S. hotel performance rose during the middle of March from the previous week and showed improved comparisons against 2019, according to STR's latest data. The company credits the uptick to spring break travel.
Group demand returned to Q3 2021 levels, while transient demand indexed to 2019 exceeded the prior high from December 2021. Transient demand continues to be heavily influenced by weekend leisure travel.
Expect a Year of Continued Growth for the Travel Industry
After two years of uncertainty, MMGY's research forecasts ongoing improvement and growth in both the leisure and business travel sectors. As the pandemic begins to wane, the perceived safety of travel has improved by leaps and bounds.
U.S. Spring Break destinations continue dominance with peak still to come
Leisure travel continues to be particularly strong in the U.S. as spring kicks into gear, and the biggest hotel performance wins recently have come in those U.S. markets that are traditional Spring Break destinations. At the same time, major urban centers are seeing some return of transient business demand along with increases in group bookings.
Travelport Survey Finds People Prioritize Travel over Entertainment, Shopping and Even Self-care
Travelport today revealed a new survey that highlighted excitement to travel in 2022. In a study commissioned by Travelport and conducted by Toluna Research, thousands of respondents from seven different countries said they’d even be willing to give up some of their favorite things for six months or longer in order to travel.
Hotel Execs at Hunter Hotel Investment Conference Convinced Industry Will Overcome Headwinds
Whether concerns that higher gas prices could deter leisure travelers from taking a road trip this summer or that another wave of COVID-19 could wreak havoc on certain hotel segments, the overall theme was that the worst is behind us.
American Express Travel releases 2022 Global Travel Trends Report
Painting a bright state on the future of travel, American Express Travel discovered that spending on travel is outpacing pre-pandemic levels: 86% of respondents expect to spend more or the same on travel in 2022 compared to a typical year before the pandemic.
U.S. Road Trips Exceed Pre-Pandemic Levels for the First Time
Despite rising gas prices and inflation, U.S. road trips have risen above pre-pandemic levels according to Arrivalist, the leading location intelligence platform in the travel industry. As spring break travel nears, for the first time in its two-year history, the 28-day rolling average of Arrivalist's Daily Travel Index peaked above 2019 levels.
Knowland: Meetings volume up nearly 50% month over month
Knowland's monthly meetings and events data for February shows that meetings volume from January to February increased 48.1 percent. The volume was up 340 percent over February 2021.
Hotel Executives Foresee Group Travel Boom in 2022
While leisure demand has been the darling of the hotel recovery, hotel executives believe we're in the very early stages of a robust comeback for group and events.
Latest COVID-19 recovery poll from GBTA reveals growing optimism, more employee travel allowed, and restrictions lifting while travel bookings show a slow but steady return
SiteMinder: Hotel booking momentum hits two-year high
With global hotel booking momentum rising to almost 84% of 2019 levels this month, hotel bookings have now reached their highest point on the World Hotel Index since Feb.
Recent Study Shows the Travel Planning Boom Continues
Travelers are ready to travel once again. Yet another survey shows that people are ready to hit the road, and many have already made plans for the spring and summer.
Public-private partnership for new convention center would be win for Brevard | Opinion
Driftwood Capital's CEO Carlos Rodriguez Sr. discusses the potential benefits of the new Westin Cocoa Beach Resort convention center set to break ground later this year.
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.
Gross operating profit per available room for U.S. hotels reached 52 percent of the comparable 2019 level, according to STR‘s full-year 2021 profit-and-loss data.
Martin Pinsker has been appointed Vice President of Acquisitions at Driftwood Capital
Mr. Pinsker will help shape and execute on the firm's long-term investment strategy through the selective acquisition of full-service, cash-flowing hotels in U.S. markets with strong underlying fundamentals.
According to HotStats' full-year 2021 hotel performance data, the global hospitality industry ended the second year of the COVID-19 pandemic almost back to 2019 levels, which the report called “the recognized baseline of recovery.”
Investors Respond to Resiliency of US Hotel Industry
LOS ANGELES — The resiliency of the U.S. hotel industry and strength of its recovery through the COVID-19 pandemic has attracted the attention and capital of investors.
Airline Execs Now See Accelerated Full Business Travel Recovery
“By far the biggest and most impactful question being debated is the question about business travel returning,” said United CEO Scott Kirby. “Put me firmly in the camp it is going to return in full.”
