If you would like to report abuse by any of these brokers please click on the name of the . It is my opinion that the cost is grossly overstated for a 500-room Westin hotel. Married to Meredith for 25 years, Glenn is a proud dad to Logan, Cooper and Tanner. *Includes hotels of Driftwood Capital and controlled subsidiaries. Avoid Fraud, Get The Facts, And Find The Best. excuses voor het ongemak. This firm has 2 employees, of which 2 are employees in advisory roles. F: @DriftwoodCapital | IG: @DriftwoodCapital | T: @DriftwoodCPTL | LI: @DriftwoodCptl, Melinda Sherwood, msherwood@krepspr.com The Investment Blacklist. Lamentamos Driftwood Capital officially submitted its plans, back in late 2020, to the city planning board for its redevelopment of the International Palms Resort and Conference Center into a new 502-key . The resort currently features nine one-bedroom/one-bathroom condos, 64 two-bedroom/two-bathroom condos, 12 three-bedroom townhomes, and four four-bedroom townhomes, all located near the banks of the Fall River, or perched up high with panoramic views of the Continental Divide. Driftwood should move forward with a project that justifies its own private investment. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. Israel Kreps, ikreps@krepspr.com Other Info. As Managing Director of Investor & Public Relations, Caroline Lewittes oversees all channels of communications with investors and other key stakeholders. pour nous faire part du problme. During his eight-year tenure as the companys Executive Vice President, which began in 1990, he was responsible for all facets of Servicos operations. AboutPressCopyrightContact. Fred Smith knows real estate. Despite challenges from the pandemic, Driftwood Capital continues to add new hotels to its portfolio, such as with the Canopy by Hilton Tempe Downtown, Canopy by Hilton West Palm Beach Downtown and Home2 Suites by Hilton Ft. Lauderdale Downtown. I trade with Capital.com for over 4 years now and overall they are the best in UK for the moment. Originally build in 1902 and most recently updated in 2018, the Stanley Hotel is located at 333 E. Wonderview Ave. He said the lending platform gives Driftwood Capital the ability to fulfill a growing niche for small-to-midsize loans in the hotel space. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie In December 1998, Servico merged with another hotel company, bringing the organizations portfolio to 180 hotels and more than 30,000 rooms. All economic and performance data is historical and must be considered in conjunction with applicable disclosures. "The other big wave that drove real estate investing this past year is opportunity zones," she added. Managing the portfolio of Coral Gables, Florida-based Driftwood Capital is no easy task, but founder, President and Chief Operating Officer Carlos Rodriguez Jr. said the company continues to achieve goals for further growth. enva un correo electrnico a We are sorry for the inconvenience. Fixed-income benefits with low correlation to asset performance. He is a native of Costa Rica and holds a B.S. . A handful of these investors will be named to three Advisory Boards and Investment Committees, bringing a vast array of experience and immense strategic value to the company. REGISTRATION STATUS NOTICE FILINGS Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. los inconvenientes que esto te pueda causar. What Mr. Rodriguez is proposing is a private project using public dollars. message, contactez-nous l'adresse scusiamo se questo pu causarti degli inconvenienti. Wir entschuldigen uns fr die Umstnde. Driftwood Title Driftwood Title Driftwood Title. A project of this magnitude requesting $60 million of public funds should have numerous hearings with public input. los inconvenientes que esto te pueda causar. We then bring our extensive experience in hotel management to each investment, seeking to add value and improve operations to deliver superior risk-adjusted returns in hospitality. Since 2015, the principals of Driftwood Capital have transacted on more than $1.5 billion in hospitality assets backed by capital from an investor network of family offices, high-net-worth individuals and others. Mr. Rodriguez states his company has significant skin in the game. That skin is really the pound of flesh he is trying to extract from the county. Since its inception, Driftwood Capital has transacted on more than $3 billion in hospitality assets, including new ground-up hotel development projects, cash-flowing hotels and hotel-backed loans, backed by an international network of more than 1,200 investors. No one business should be exempt;none treated differently. Tony Figueroa, afigueroa@krepspr.com The principals. Give me $60 million and I will gladly provide free meeting space and spend less than one percent on marketing my hotel. Born in Kansas, John grew up in Indiana and earned a B.S. Als u dit bericht blijft zien, stuur dan een e-mail Rodriguez Sr. highlighted the $350 million development of the Westin Cocoa Beach Resort & Spa in Cocoa Beach, Florida, which his team has been working on for the past five years. Tru by Hilton/Home2 Suites by Hilton under. We are also expanding our strategic partnerships with others in the market wherever we find synergies.. Hotels that are under contract to sell include the Holiday Inn Express & Suites Orlando International Drive and the Sheraton Salt Lake City Hotel, which are both more business-oriented hotels. So do I and so do several other local hospitality companies. Caso continue recebendo esta mensagem, First, we want to continue to meet the growing demand in the marketplace for alternative investments. MIAMIDriftwood Capital (formerly Driftwood Acquisitions & Development), a privately held real estate firm specializing in hospitality investments, is restructuring and scaling up its. to let us know you're having trouble. He continued, Adding two hotels to DLPs portfolio that were resilient during the pandemic and are poised for future growth was a great way to round out 2021.. Speaking during the vertically integrated commercial real estate investment, development and lending platform's 2021 Investor Conference, Rodriguez Jr. said those goals included protecting the firm's downside, seeking out opportunities for transactions and planning for growth. The 316-room Hyatt Regency Fairfax will be rebranded as a full-service Hilton hotel Washington, D.C. (May 19, 2021) - Driftwood Capital, a vertically integrated commercial real estate investment, development, and lending platform specializing in hospitality, announced today that it has acquired the Hyatt Regency Fairfax, a 316-key hotel located in the Washington D.C. submarket of Fairfax, He works with leadership on new strategies, fund structuring and fund operations, and spearheaded the launch of Driftwood Capitals Opportunity Zone program. Driftwood Capital is targeting development and acquisition deals across the country in the $30 million to $150 million range, though as evidenced by the company's planned $250 million, 502-key . Aydanos a proteger Glassdoor y demustranos que eres una persona real. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. So do I and so do several other local hospitality companies. East Coast Office. He said the Daytona hotel was referred to as "the dog" of the portfolio but over time showed its value. As Managing Director of Capital Markets, David oversees all mezzanine and preferred equity investments for the Lending strategy. Prior to Servico, David served as Vice President of Operations for Prime Hospitality. *Includes hotels of Driftwood Capital and controlled subsidiaries. Disculpa All content available on this Website is general in nature, not directed or tailored to any particular person, and is for informational purposes only. But that is simply not how it works. The public loses the multiplied benefits of these tax dollars. "It's been a labor of love getting all the entitlements and getting all the zoning requirements met. All content available on this Website is general in nature, not directed or tailored to any particular person, and is for informational purposes only. "It's about buying right in the right locations and having conviction over the long term that you can manage through [challenges]," he said. Unique capital formation strategies (EB5, Opportunity Zone). per informarci del problema. Si continas viendo este mensaje, Your ticket to invest in institutional real estate deals. Driftwood Hospitality Management Is this your company? Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. Disculpa I can finally tell you we're there," he said. The proceeds . We find it a privilege to live and work in Brevard County, but if we all lined up for. As far as shedding light on the project, that is exactly what has not happened in the 10 months since the idea was presented. The proceeds cover the refinancing of the historic Stanley Campus, which has four lodging options comprising 192 guestrooms and 31 condo units, along with the acquisition of the nearby Fall River Village Resort, an 89-key upscale lodge. As Chief Financial Officer, Glenn Wasserman oversees corporate financial strategy and all financial operations including accounting and financial reporting. Open today. Miami Worldcenter developer. We then bring our extensive experience in hotel management to each investment, seeking to add value and improve operations to deliver superior risk-adjusted returns in hospitality. naar All economic and performance data is historical and must be considered in conjunction with applicable disclosures. para informarnos de que tienes problemas. Our model combines private equity sponsor knowledge and access to unique investments with the potential to generate high returns. As Chief Legal Officer & General Counsel, Jorge L. Gomez-Moller leads Driftwood Capitals legal team and outside counsel in new acquisitions, developments, lending and dispositions, as well as asset-level legal issues. The company holds stakes in some 25 hotels, including two that just opened in West Palm Beach and Fort Lauderdale. Near that property is the development site for the Element Melbourne Beach, which he said is another deal that has great potential due to the market's diverse demand drivers, as well as a lack of any other new beachfront hotels and extended-stay hotels. As professionals well versed in acquisitions, development and lending, we source, underwrite, structure and close investments across diverse markets and asset types, from name brands to boutique properties. Last weeks guest opinionby Driftwood Capital CEO Carlos Rodriguez Sr. can only mean one thing: Mr. Rodriguez still thinks he can get his hands into the pockets of Brevard County to the tune of $60 million. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. The privately held real estate firm specializing in hospitality investments intends to raise $100 million from . The Fund focuses on providing mezzanine loans and preferred equity for existing hospitality assets, as well as ground up hotel development projects in the United States. This website (this Website) is owned and operated by Driftwood Capital LLC (Driftwood). He also served as Chief Financial Officer of Denihan Hospitality Group and Executive Vice President, Capital Markets & Strategic Planning at RXR Realty, among other positions. We are excited to welcome new accredited investors daily and to deliver compelling opportunities to join us in the investments you choose. ESTES PARK, COLO. Driftwood Capital has arranged a $138.7 million financing package for two resort hotels in Estes Park on behalf of Grand Heritage Hotel Group. Driftwoods in-house team of experts oversee deal sourcing, underwriting, financing, asset management, operations, development and legal issues, ensuring a total alignment of interests with investors. 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Driftwood Capital is attempting to fill that gap with a new Mezzanine Lending Fund. He said Driftwood Capital would consider joint ventures with other experienced investment groups and developers across the country. January 20, 2022. Born in Costa Rica, Carlos came to the United States when he was nine years old. There's been a tremendous decline in investing in funds and a vast increase in private direct deals, she said. The decision to scale up our existing acquisitions and development activities and launch a new lending business was driven by two main factors, Rodriguez Sr. said. Operational performance distributions & upside participation benefits. He expects the hotels will be cash-flow positive in 2022. Prior to joining Driftwood, Alejandro worked as a real estate investment advisor to family offices, local banks and high-net-worth individuals. Driftwood Capital, formerly Driftwood Acquisitions & Development, is targeting development and acquisition deals across the country in the $30 million to $150 million range, said company chairman and CEO Carlos J. Rodriguez, Sr. pour nous faire part du problme. I guess we are to be impressed with a proposed $300 million-plus project. I have been vocal in raising concerns about the idea and would like to address Mr. Rodriguezs pitch point-by-point. He works with his team to maximize asset value through improved hotel operations, strategic capital investments, debt restructuring, and potential repositioning opportunities. Driftwood does not represent that any opinion or projection will be realized. Onze Second, we want to ensure we have a long runway ahead of us for future capital deployments, explained Chairman & CEO Carlos J. Rodriguez, Sr. In addition, with the launch of our lending platform, we now have the ability to fulfill a growing niche for small to midsize loans in the hotel space., Our real estate asset syndication model has proven very successful and popular with investors. With a 30+ year track record in hospitality, an in-house operating capability, and deep relationships within the industry, we believe we've created one of the best-in-class, vertically integrated commercial real estate private equity firms focused on the hospitality sector. The table below is a blacklist consisting of Investment brokers who have scammed those who made complaints on Broker Complaint Registry. According to the Phoenix Business Journal, citing Maricopa County records, Driftwood bought the 16-acre resort for $113 million from an entity of Hong Kong-based Junson Capital. Driftwood Capital targets deal level returns in excess of 15% IRR and average dividends over 8% for LP investors. Without a public subsidy, the free market will ultimately determine the best use of that property. The common theme between these properties is they are in Sun Belt, resort-oriented destinations. She said 73% of the family offices who invest in real estate are doing it for yield, diversification and returns. For more information, visit www.driftwoodcapital.com. Some of the companys hotel properties include the dual-branded Tru by Hilton/Home2 Suites by Hilton in Fort Lauderdale, the Marriott Mission Valley San Diego, the Sheraton Park City, and the Margaritaville Lake of the Ozarks. All information provided on this website is provided without warranty and for informational purposes only. para nos informar sobre o problema. message, please email He is the recipient of numerous industry awards such as Entrepreneur of the year for the Doral Chamber of Commerce, the National Excellence in Construction award from the Associated Builders and Contractors Inc., the Lifetime Achievement Award from Hilton, Hotelier of the Year for the Latin Hotel Owners Association, Developer of the Year for various hotel brands, among many other recognitions that he has received throughout his life. Lamentamos pelo inconveniente. Driftwood Capital LLC is legally known as DRIFTWOOD CAPITAL, LLC. If they decide to continue to operate the International Palms, then so be it. Please enable Cookies and reload the page. Caso continue recebendo esta mensagem, 2023 France Publications, dba France Media Inc. Stanley Campus in Estes Park, Colo., features 192 guest rooms and 31 condominium units. at Franklin & Marshall College and enjoys playing golf and soccer as well as running. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de The Cocoa Beach Hotel Association voted against this idea; its time for the county commission to do the same. Glenn holds a B.S. Carlos was also Vice Chairman of The Caja Costarricense de Seguro Social which operates the hospital system and the largest pension fund of Costa Rica. Ground-up development from site identification through to opening. real person. As Founder, Chairman and CEO, Carlos Rodriguez oversees all activities and growth at Driftwood Capital. Brevard commissioners reject funding convention center study, with three of five opposed, Your California Privacy Rights/Privacy Policy. Many people have been burned by frauds and Ponzi schemes. ein Mensch und keine Maschine sind. We are also expanding our strategic partnerships with others in the market wherever we find synergies. Second, we want to ensure we have a long runway ahead of us for future capital deployments.. Wenn Company raises three new GP fund vehicles: Development, Acquisitions & Mezzanine Lending. Each of these loans represent a strong loan-to-value ratio, premier sponsorships and solid loan structures that aren't too over-leveraged. Midwest Multifamily & Affordable Housing Business, Northeast Multifamily & Affordable Housing Business, Southeast Multifamily & Affordable Housing Business, Texas Multifamily & Affordable Housing Business, Western Multifamily & Affordable Housing Business. More: Brevard commissioners reject funding convention center study, with three of five opposed. It should be fully vetted by the Tourist Development Council. Under Davids leadership, the company grew from 28 hotels to 140 hotels and from $42M to $650M in sales, with EBITDA growing at a compound annual rate of 41%, from $16M to $280M. 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The borrower will use a portion of the proceeds, $6.9 million, toward renovations of the Stanley Hotel in early 2022, including conversion of the ballroom to a restaurant; bathroom updates in the hotels main building; improvements to the presidential cottage; and investments in several new food and beverage venues and related amenities. We believe our process optimizes the alignment between sponsor and accredited investor, seeking to maximize returns and minimize risk. Relative to 2019, several hotels in Driftwood's portfolio are exceeding pre-pandemic performance, including the Hampton Daytona Beach/Beachfront, the DoubleTree by Hilton Historic District in St. Augustine, Hilton Dallas/Rockwall Lakefront and Margaritaville Lake Resort Lake of the Ozarks. He works with his team to maximize asset value through improved hotel operations, strategic capital investments, debt restructuring, and potential repositioning opportunities. Our relationship orientation is the basis for every counter party with whom we transact. to let us know you're having trouble. The selection changes often, but if you love good Buying or selling a home is the largest financial investment most people ever make. Carlos Rodriguez Jr., Driftwood Capitals president and chief operating officer, said the companys real estate asset syndication model has proven very successful and popular with investors. The sponsor will use a portion of the proceeds, $6.9 million, toward renovations of the Stanley Hotel in early 2022, including conversion of the ballroom to a restaurant, bathroom updates in the hotels main building, improvements to the presidential cottage, and investments in several new food and beverage venues and related amenities. The Fall River Village Resort, built-in 2000 and most recently renovated in 2018, is located at200 Filbey Court, five minutes from downtown Estes Park. Real estate is 15% of the average asset allocation of these family offices surveyed. He has successfully facilitated the financial turnaround and growth of several multi-dimensional hotel companies. As professionals well versed in acquisitions, development and lending, we source, underwrite, structure and close investments across diverse markets and asset types, from name brands to boutique properties. Driftwood Capital has purchased the Scottsdale (Ariz.) Resort at McCormick Ranch, a 326-room property in the McCormick Ranch neighborhood. Please enable Cookies and reload the page. per informarci del problema. scusiamo se questo pu causarti degli inconvenienti. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie He is a graduate of Florida International University with degrees in Business Administration and International Business and holds a real estate brokers license in the State of Florida. Finally, our experience in the hospitality sector is paramount to our collective success. Wenn from Boston University. We source, underwrite and close deals with our own capital, assuming the upfront work and the risk. Overview 63 Reviews 14 Jobs 71 Salaries 9 Interviews 15 Benefits -- Photos 22 Diversity + Add a Review Driftwood Hospitality Management Reviews Updated Mar 5, 2023 Find Reviews Clear All Full-time, Part-time English Filter Found 63 of over 63 reviews Sort Popular Popular COVID-19 Related "That was not an easy task to start ramping [up] during the pandemic," he said. Carlos Rodriguez Sr., founder chairman and CEO of Driftwood Capital, said his company has four hotel development deals now totaling 916 rooms with $488 million in development cost. It is a TX Limited Liability Company. Driftwood Capital is a vertically integrated commercial real estate investment, development, and lending platform specializing in hospitality. Upon the successful completion of this merger, David along with several of his executive team members left to launch Driftwood Hospitality Management, LLC. 972-818-5094. Copyright 2019 by InvestingReview.org / All Rights Reserved. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail Ultimately, how this investment plays out will be dependent on the impact of additional competition, and if and when the business traveler comes back. Driftwood Capital also has been active with dispositions. David Buddemeyer, Principal and President of Driftwood Hospitality Management, LLC and a senior officer of Driftwood Capital, is a hospitality veteran who has successfully facilitated the financial turnaround and growth of several multi-dimensional hotel companies.Before launching Driftwood, Mr. Buddemeyer served as Chairman and CEO of Servico Hotels and Resorts, a NYSE hotel company. Prior to joining Driftwood in 2018, Jorge practiced law at Greenberg Traurig, LLP, where he represented clients in private equity fund formations, complex joint ventures, and cross-border mergers and acquisitions. In August of 2018, Fall River Village introduced Skyview Wedding and Event Center, a 10,000-square-foot event venue. France Publications, dba France Media Inc. Click here to read: Hotel Investment Firm Gears up For 'Tsunami of Deals', CA: Ne pas vendre mes renseignements personnels, Prfrences en matire de fichiers tmoins, Gestionnaire des biens immobiliers CoStar. The principals of Driftwood Capital boast a 30+ year . We find it a privilege to live and work in Brevard County, but if we all lined up for $60 million the Countys TDC would quickly run out of money. I would like to see crypto as well in future (before was it but now I don't have anymore). It shows us what kind of community partner they really are. We've created a hospitality ecosystem to help make smart investments secured by sponsor capital. Onze Driftwood's in-house team of experts oversee deal sourcing, underwriting, financing, asset management, operations, development and legal issues, ensuring a total alignment of interests with investors. Since launching in 2015, Driftwood Acquisitions & Development placed more than $400 million in LP capital in both hotel acquisitions and developments across the United States, representing a portfolio of over $1 billion in assets that includes the Marriott Mission Valley San Diego, the Sheraton Park City, and the Margaritaville Lake of the Ozarks, as well as the soon-to-open developments Canopy by Hilton West Palm Beach & Tempe and the dual-branded Tru by Hilton/Home2 Suites by Hilton in Fort Lauderdale. Opinions expressed by Forbes Contributors are their own. Aydanos a proteger Glassdoor y demustranos que eres una persona real. An investment in real estate involves a high degree of risk and should be considered only by highly sophisticated persons who can bear the economic risk of loss and illiquidity. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de Contact: Melinda Sherwood msherwood@krepspr.com / Subscribe to the one-and-only Hotel-Online! Brown Advisory Investment Solutions Group LLC. He lives with his wife Johannah and their baby boy, and enjoys travel, design and new technologies.
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