Driftwood's Hotel Development Pipeline Exceeds $1 Billion
This week luxury hotelier Driftwood Capital announced a $1 billion hotel development pipeline with almost three quarters of that estimated value tied to three new marquee hotel projects in South Florida and the Space Coast.
The announcement was made on the heels of Driftwood Capital’s annual Investor Conference, and of the four major new hotels under development or nearing completion, three are in the Sunshine State and one is in the Golden State:
- Element by Westin Melbourne, Florida: A $54 million development nearing completion and expected to open in June 2024.
- Riverside Wharf Miami, Florida: A $267 million, transformative mixed-use development located on downtown Miami’s riverfront, featuring a Dream Hotel.
- Westin Resort & Spa Cocoa Beach, Florida: An approximately $410 million luxury resort development expected to break ground in Q3 of 2024.
- Element by Westin Mission Valley San Diego, California: A $74 million development underway in March 2024, with completion projected in 2026.
Element by Westin Melbourne Opening Summer 2024
Of the four new hotel developments announced, the new Element by Westin Melbourne Oceanfront property is the closest to completion and scheduled for a June 2024 opening, according to Driftwood.
The new Element property will be a major step up for Space Coast visitors looking for quality lodging options. Upon completion this summer, the property will be the only Marriott-branded hotel in a 170-mile stretch of oceanfront from Juno Beach north to Daytona Beach.
The $54 million development will feature 130 suites on the beaches of Melbourne, a Florida market that has benefitted greatly from the resurgence of the private space sector thanks to SpaceX and Blue Origin.
Riverside Wharf Miami Will Feature A Dream Hotel
From Melbourne, we sail 150 miles down the coast and jog inland up the Miami River to the site of Driftwood’s Riverside Wharf Miami development which the company describes as “transformative mixed-use development.”
The mixed-use, hospitality-centric complex on the Miami River will feature a 165-key Dream Hotel; multiple food, beverage and entertainment venues; and a deep-water yacht marina.
MV Real Estate Holdings and Driftwood Capital announced their Joint Venture on the $185 Million Riverside Wharf development in 2021. (Press Release)
Westin Resort & Spa Cocoa Beach Aimed At Rocket Tourists
We move back to the heart of the Space Coast for the third development in Driftwood’s Florida pipeline.
Like the new Element in Melbourne, the Westin Resort & Spa Cocoa Beach will finally give rocket tourists a luxury resort destination in Cocoa Beach.
The $410 million development on the site of the old International Palms hotel (Google Maps) will feature multiple restaurants, a spa, three swimming pools, a fitness center and multiple retail locations.
Traded offers a great summary of how the new Westin Resort & Spa Cocoa Beach overcame local resistance to new development, and why Driftwood believes the Westin Resort & Spa Cocoa Beach will eventually be one of the premier resorts in Florida and the Southeast.
Contact CII Today
If you own an established hospitality or property management business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today.