The firm purchased two hotels in 2020 through its new $125M hotel acquisition fund
Driftwood Capital, a vertically integrated commercial real property investment, growth, and lending platform specializing in hospitality, announced right this moment that it has acquired the Hilton Dallas Southlake City Sq., a 248-key, a five-story resort situated within the Dallas suburb of Southlake, roughly 10 minutes from the Dallas-Fort Worth International Airport. Driftwood Capital acquired the asset from Hobbs & Curry family limited partnership for an undisclosed worth and plans to speculate $5 million in property renovations over the next 12 months. The property can be managed by Driftwood Capital’s sister firm, Driftwood Hospitality Management (DHM), a nationwide hotel operator with over 20 years of experience.
Driftwood Capital gives high-net-worth buyers direct entry to the institutional-quality hotel property by its unique syndication model. Earlier this yr, the corporate raised $250 million for the launch of three new Growth, Acquisitions, and Mezzanine Lending GP funds. The Dallas property was acquired by the Acquisition fund, which targets hotel alternatives within the $30 million to $150 million range.
Driftwood will open the property to buyers for syndication in early February with a minimal funding of $50,000. Driftwood Capital retains a 10 % stake in all its hotel investments.
“The Hilton Southlake supplied a high-quality asset in a premier location with ample upside alternative,” stated Carlos Rodriguez Sr., CEO of Driftwood Capital. “Having lately obtained capital enhancements all through the property, the Hilton Southlake has a competitive advantage that’s 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 within the area.”
Built-in 2007, Hilton Southlake is situated at 1400 Plaza Place. Featuring nearly 18,000 sq. toes of diverse meeting houses, the resort’s proximity to corporations such as Constancy Investments, Deloitte, and TD Ameritrade, amongst others, gives a robust base for the asset to construct upon. The 10-minute drive to Dallas-Fort Value International Airport also works to the resort’s benefit, serving leisurely visitors seeking a life-style destination supplied by Southlake’s distinct atmosphere.
With this acquisition, Driftwood Capital’s portfolio grows to 20 full-service hotels and 7 new ground-up hotel developments. Since 2015, the principals of Driftwood Capital have placed more than $650 million in the capital with their investor network of family offices, high-net-worth people, and others, representing a portfolio of over $1 billion in hospitality property. Amongst these properties are the Marriott Mission Valley San Diego, the Sheraton Park Metropolis, and the Margaritaville Lake of the Ozarks, as well as the newly opened Cover by Hilton West Palm Beach & Canopy by Hilton Tempe.