Riverside Wharf Miami, Florida — Photo by Driftwood Capital
Element by Westin Mission Valley San Diego, California — Photo by Driftwood Capital
Westin Resort & Spa Cocoa Beach, Florida — Photo by Driftwood Capital

Following its annual investor conference, Driftwood Capital, a leading vertically integrated commercial real estate firm, is proud to announce its hotel development pipeline has now exceeded $1 billion in projected value. This robust portfolio includes $800 million worth of strategically pursued projects either under construction or scheduled to break ground in 2024, showcasing Driftwood Capital's robust and strategic growth in the hospitality sector.

These projects demonstrate Driftwood Capital's commitment to innovation and excellence:

  • Element by Westin Melbourne, Florida: A $54 million development nearing completion and expected to open in June 2024.
  • Element by Westin Mission Valley San Diego, California: A $74 million development underway in March 2024, with completion projected in 2026.
  • Westin Resort & Spa Cocoa Beach, Florida: An approximately $410 million luxury resort development expected to break ground in Q3 of 2024.
  • Riverside Wharf Miami, Florida: A $267 million, transformative mixed-use development located on downtown Miami's riverfront, featuring a Dream Hotel. Ground is expected to break in the latter half of 2024. This project benefits from Opportunity Zone advantages and efficient EB-5 capital sourcing through Driftwood Capital’s affiliate EB-5 Regional Center.

Carlos Rodriguez, Sr., Chairman and CEO of Driftwood Capital, stated, "In an era facing notable challenges in capital availability for new construction within the hospitality industry—stemming from higher interest rates and other costs—we are delighted with our strong development pipeline for 2024. Our proven success, coupled with our integrated approach, strengthens lender confidence and strategically positions us to collaborate with other developers, leveraging our comprehensive capabilities."

Driftwood Capital distinguishes itself as one of the few firms in the U.S. that offers a full suite of services for new development, including financing, construction management, and both traditional and alternative capital raising strategies. This integrated service offering, combined with our expert investor relations support and property management, solidifies our reputation within the hotel industry.

Carlos Rodriguez, Jr., President, and COO of Driftwood Capital, commented on the company's strategic position, "The hotel industry's resilience, along with our capability to seize thematic investment opportunities, continues to place us at the forefront of both acquisition and development. We are excited to maintain and grow our partnerships with key industry stakeholders, focusing on capitalizing and executing emerging trends with the highest standards of transparency, accountability, and governance."

With established relationships with premier hotel brands and major financial institutions, Driftwood Capital is poised for continued success. An essential part of this success is our internal team of experts in development, financing, technology, and data analytics. Our in-house capabilities allow us to identify a wide range of opportunities and bring them to fruition, earning the trust of the market and, most importantly, our investors.

Driftwood Capital prides itself on guiding experienced hotel developers to success, offering support in areas such as EB-5 financing, Opportunity Zone expertise, capital raising, traditional financing, hotel brand selection, and securing municipal incentives. With our comprehensive construction execution and hotel management expertise, Driftwood stands as the ideal joint venture partner in the hotel industry.

About Driftwood Capital

Driftwood Capital is one of the country's leading hospitality sponsors. A vertically integrated commercial real estate firm with investment, development, lending and management platforms, Driftwood's unique business model provides accredited investors access to institutional-quality hotel assets or capital solutions on a direct deal basis following deal closing. Since 2015, Driftwood Capital and its principals have transacted on more than $5 billion in hospitality assets, including new ground-up hotel development projects, cash-flowing hotels and hotel-backed loans. Driftwood's in-house team oversees deal sourcing, underwriting, financing, asset management, operations, development and legal issues. For more information, visit www.driftwoodcapital.com.