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April 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

Hotels Magazine
April 4, 2022
When you invest, develop, lend and manage, you serve multiple constituents with different expectations. For Miami-based Driftwood Capital, which has transacted on more than US$3 billion in hospitality assets and uniquely provides a network of more than 1,200 accredited investors access to direct investing after deals close, the big takeaway about managing those expectations through the challenging past two years has been the importance of ongoing education and communication through all four of its platforms. As Carlos Rodriguez, Sr., CEO of Driftwood Capital, puts it, “At the end of the day, it’s all about trust and letting everyone know where you stand and what is happening.”
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