July 16, 2024

Just Moments

Travel Groove

Driftwood Cash Acquires 248-essential Hilton Lodge in Dallas

Driftwood Cash, a vertically built-in professional genuine estate financial commitment, advancement, and lending platform specializing in hospitality, announced these days that it has obtained the Hilton Dallas Southlake City Sq., a 248-crucial, 5-story hotel positioned in the Dallas suburb of Southlake, approximately 10 minutes from the Dallas-Fort Truly worth Global Airport. Driftwood Cash acquired the asset from Hobbs & Curry household confined partnership for an undisclosed cost, and plans to make investments $5 million in house renovations around the future 12 months. The property will be managed by Driftwood Capital’s sister firm, Driftwood Hospitality Management (DHM), a national lodge operator with above 20 years of know-how.

Driftwood Money supplies high-web-really worth traders direct accessibility to institutional-excellent hotel belongings by means of its exclusive syndication design. Before this yr, the organization lifted $250 million for the launch of 3 new Improvement, Acquisitions and Mezzanine Lending GP resources. The Dallas property was acquired by means of the Acquisition fund, which targets lodge options in the $30 million to $150 million vary.

Driftwood will open up the residence to buyers for syndication in early February with a minimal financial commitment of $50,000. Driftwood Capital retains a 10 p.c stake in all its hotel investments.

“The Hilton Southlake available a high-top quality asset in a leading place with enough upside prospect,” stated Carlos Rodriguez Sr., CEO of Driftwood Capital. “Acquiring just lately acquired money enhancements all through the residence, the Hilton Southlake has a competitive benefit that is furthered by its remarkable place. Surrounded by large-stop retail, dining and Course A business office house, the house is poised for achievements pursuing a strategic repositioning that will reward from the leisure and corporate need in the area.”

Created in 2007, Hilton Southlake is found at 1400 Plaza Location. Featuring just about 18,000 sq. toes of numerous assembly place, the hotel’s proximity to businesses these kinds of as Fidelity Investments, Deloitte and TD Ameritrade, between other people, supplies a robust base for the asset to construct upon. The 10-moment generate to Dallas-Fort Worth International Airport also works to the hotel’s gain, serving leisurely company in search of a life-style spot supplied by Southlake’s unique ambiance.

With this acquisition, Driftwood Capital’s portfolio grows to 20 whole-support motels and seven new ground-up hotel developments. Since 2015, the principals of Driftwood Funds have put far more than $650 million in funds with their investor community of spouse and children offices, large-internet-truly worth people, and other folks, symbolizing a portfolio of above $1 billion in hospitality property. Amid these belongings are the Marriott Mission Valley San Diego, the Sheraton Park Town, and the Margaritaville Lake of the Ozarks, as effectively as the newly opened Canopy by Hilton West Palm Beach & Cover by Hilton Tempe.

About Driftwood Funds

Driftwood Money is a vertically integrated professional genuine estate expenditure, improvement, and lending system specializing in hospitality. The principals of Driftwood Capital boast a 30+ calendar year keep track of history transacting on extra than $5 billion in hospitality belongings as a result of several affiliated management and ownership entities. In 2015, the principals of Driftwood Funds launched a exclusive syndication model for accredited investors to accessibility or else unique institutional-good quality inns. By means of this impressive syndication design, Driftwood Funds successfully turned $50 million of first expenditure into far more than $1 billion in assets throughout 18 resorts and 5 growth discounts with a lot more than 5,100 rooms in 12 states. All Driftwood Money money benefit from the principals’ affiliation with Driftwood Hospitality Management, which currently manages about 70 full and limited provider motels with much more than 13,000 rooms throughout 22 states and is regarded as a lengthy-standing industry chief and finest-in-course operator.