Driftwood Capital has closed on its latest fund, the Driftwood Florida Space Coast Portfolio.
The fund is focused on the acquisition and development of existing and soon-to-break-ground hotel assets in Florida’s Space Coast, with its portfolio expected to represent around 11 per cent of all the hotel rooms in the Space Coast market and 62 per cent of the area’s beachfront hotel inventory.
The portfolio is projected to include more than 1,200 guest rooms, 166,000 square feet of meeting space and 21 food & beverage venues on 36 beachfront acres. The portfolio comprises 502-room Westin Cocoa Beach resort, 295-room Hilton Cocoa Beach, 130-room Element by Westin Melbourne and 290-room Crowne Plaza Melbourne.
Earlier this year, Driftwood said that its hotel development pipeline exceeded $1 billion in projected value. It’s development portfolio includes projects valued at around $500 million which are either under construction or scheduled to break ground in 2024.
Why it matters
This indicates continued interest in Florida as an investment destination, with the proximity to popular tourist attractions such as the Kennedy Space Centre and the Space Coast's beaches, a positive indicator for investors as it suggests a robust demand for hotel accommodations in the region.
What they said
Carlos Rodriguez, senior chairman & CEO of Driftwood Capital said: “When we first entered this market over ten years ago, we recognized the untapped potential for this region to become a hub that melds business, innovation, and leisure tourism. Today, as we continue to invest as a partner for growth in the Space Coast, the area continues to draw travellers and new residents as it emerges into a significant coastal destination with numerous demand drivers across a variety of sectors.”