Driftwood Capital, based in Coral Gables, Florida, has successfully acquired its minority partners in 18 hotel properties, leading to the formation of a substantial portfolio valued at $1.2 billion.

Details of the Portfolio

The company’s new full ownership encompasses a total of 4,203 keys distributed across ten states, including prominent locations such as Florida, Texas, and California. Previously, these assets were co-owned with non-controlling syndicated investors, as per company representatives.

Funding and Financial Strategies

To facilitate this strategic acquisition, Driftwood secured a $330 million securitized senior loan through Wells Fargo acting as the agent. Additionally, Acore Capital provided $85 million in preferred equity.

Strategic Intentions from Leadership

“We’ve intentionally assembled this particular portfolio of assets to reflect strength in markets, performance, and long-term fundamentals,” stated Carlos Rodriguez Sr., Chairman and CEO of Driftwood Capital.

Portfolio Highlights

The newly consolidated portfolio includes several notable properties:

• The 150-room Canopy by Hilton West Palm Beach Downtown in South Florida.
• The Margaritaville Lake Resort Lake of the Ozarks, Missouri, which is the largest property with a total of 520 rooms.

Recent Investments and Future Plans

Driftwood has invested $370 million in renovations and redevelopment within its portfolio over recent years. The company also closed on a $330 million fund last year aimed at acquiring four resorts along Florida’s Space Coast.

In Miami, Driftwood plans to redevelop the former Wharf Miami bar site into a hospitality complex valued at $185 million, following the recent approval of a 50-year lease by local residents.