Driftwood Capital Acquires 248-key Hilton Hotel in Dallas
The firm purchased two hotels in 2020 through its new $125M hotel acquisition fund
Driftwood Capital, a vertically integrated commercial real estate investment, development, and lending platform specializing in hospitality, announced today that it has acquired the Hilton Dallas Southlake Town Square, a 248-key, five-story hotel located in the Dallas suburb of Southlake, approximately 10 minutes from the Dallas-Fort Worth International Airport. Driftwood Capital acquired the asset from Hobbs & Curry family limited partnership for an undisclosed price, and plans to invest $5 million in property renovations over the next 12 months. The property will be managed by Driftwood Capital's sister company, Driftwood Hospitality Management (DHM), a national hotel operator with over 20 years of expertise.
Driftwood will open the property to investors for syndication in early February with a minimum investment of $50,000. Driftwood Capital retains a 10 percent stake in all its hotel investments.
"The Hilton Southlake offered a high-quality asset in a premier location with ample upside opportunity," said Carlos Rodriguez Sr., CEO of Driftwood Capital. "Having recently received capital improvements throughout the property, the Hilton Southlake has a competitive advantage that is furthered by its exceptional location. Surrounded by high-end retail, dining and Class A office space, the property is poised for success following a strategic repositioning that will benefit from the leisure and corporate demand in the area."
Built in 2007, Hilton Southlake is located at 1400 Plaza Place. Featuring almost 18,000 square feet of diverse meeting space, the hotel's proximity to corporations such as Fidelity Investments, Deloitte and TD Ameritrade, among others, provides a strong base for the asset to build upon. The 10-minute drive to Dallas-Fort Worth International Airport also works to the hotel's advantage, serving leisurely guests seeking a lifestyle destination offered by Southlake's distinct atmosphere.
With this acquisition, Driftwood Capital's portfolio grows to 20 full-service hotels and seven new ground-up hotel developments. Since 2015, the principals of Driftwood Capital have placed more than $650 million in capital with their investor network of family offices, high-net-worth individuals, and others, representing a portfolio of over $1 billion in hospitality assets. Among these assets are the Marriott Mission Valley San Diego, the Sheraton Park City, and the Margaritaville Lake of the Ozarks, as well as the newly opened Canopy by Hilton West Palm Beach & Canopy by Hilton Tempe.
About Driftwood Capital
Driftwood Capital is a boutique investment platform enabling accredited investors to access institutional-quality hotel assets in the United States. The principals of Driftwood Capital boast a 30+ year track record transacting on more than $5 billion in hospitality assets through various afﬁliated management and ownership entities. The firm"s unique syndication model allows accredited investors to participate in deal-specific opportunities alongside Driftwood, a seasoned sponsor, only after the deal has been structured and closed upon. Driftwood Capital"s investment portfolio includes new ground-up hotel development projects, cash-flowing hotels and hotel-backed loans. For more information, visit DriftwoodCapital.com.