Driftwood Capital initial closing of its latest fund, Driftwood Florida Space Coast Portfolio, LP, focusing on the acquisition and development of existing and soon-to-break-ground hotel assets on Florida’s Space Coast, one of the state’s fastest-growing markets for business and tourism.
Consisting of four large-scale beachfront assets representing brands including Marriott, Hilton and IHG, upon completion of the Westin Cocoa Beach Resort, Spa and Conference Center, the fund’s portfolio is expected to represent approximately 11 percent of all the hotel rooms in the Space Coast market and 62 percent of the area’s beachfront hotel inventory.
“Since 2013, Driftwood has had a meaningful presence in Florida’s Space Coast,” Carlos J. Rodriguez, Sr., chairman and CEO of Driftwood Capital, said in a statement. “When we first entered this market over 10 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 travelers and new residents as it emerges into a significant coastal destination with numerous demand drivers across a variety of sectors.”
Anticipating future growth and demand along the Space Coast, the Fund’s portfolio is projected to include more than 1,200 guestrooms, 166,000 square feet of meeting space, and 21 food and beverage venues on 36 beachfront acres.
The fund’s portfolio is comprised of the following assets:
- Westin Cocoa Beach Resort (projected 502 guestrooms including 69 suites)
- Hilton Cocoa Beach (295 guestrooms)
- Element by Westin Melbourne (130 guestrooms)
- Crowne Plaza Melbourne (290 guestrooms)
Located in one of the nation’s most economically resilient areas, the Space Coast enjoys a variety of demand generators in numerous sectors. A perennial destination for businesses and travelers alike, the region’s proximity to Orlando and the increasing activities from the space industry have attracted millions of visitors every year. Today, Kennedy Space Center attracts more than 1.5 million visitors per year from around the world (NASA), more than 4 million cruise passengers embarked via Port Canaveral in 2022—topping Port Miami (Canaveral Port Authority), and millions more visit from the Orlando MSA to enjoy the Space Coast’s beaches.