Coral Gables, Fla.–based hotelier Driftwood Acquisitions and Development has launched its initial qualified opportunity zone fund — Driftwood QOF — with a target raise of $50 million.
The firm already has secured two opportunity zone investments for Driftwood QOF: a joint venture for the development of the 218-key dual branded hotel Home 2/Tru by Hilton in Ft. Lauderdale, Fla., and the redevelopment of a 10-story office building in Wilmington, Del., into a 136-room IHG-branded urban hotel.
The Driftwood QOF intends to leverage its acquisition pipeline to source high-yield development and redevelopment projects in opportunity zones across the United States.
Driftwood Acquisitions & Development, formed in 2015, develops hotels and invests in existing ones that have steady cash flow and upside potential.
