Driftwood Capital holds initial closing for latest fund

Driftwood Capital has held an initial closing of its latest fund, Driftwood Florida Space Coast Portfolio, focusing on the acquisition and development of hotel assets in Florida’s Space Coast, one of the state’s fastest-growing markets for business and tourism.

Upon completion of the Westin Cocoa Beach Resort, Spa and Conference Center, consisting of four large-scale beachfront assets that include Marriott, Hilton and IHG, 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,” said Carlos J. Rodriguez Sr., chairman and CEO of Driftwood Capital. “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