MIAMI, Dec. 1, 2016 /PRNewswire/ -- Driftwood Acquisitions and Development (DAD), an affiliate of Driftwood Hospitality Management (DHM), celebrated its first anniversary today with a day-long event at The Biltmore Hotel in Coral Gables, FL. Capping off a successful year, this celebratory day included exciting announcements made by DAD executives on recent hotel acquisitions and new-builds that form part of DAD's exciting hotel co-investment-program.
"This has been an exceptional year for Driftwood Acquisitions and Development, attributable in large part to our partners and investors," said Carlos Rodriguez, CEO and general partner of DAD. "The amount of deals we have been able to secure and syndicate, coupled with the continued interest from accredited investors worldwide, as exemplified by the turnout today, validates the model we have created for individuals to participate in hotel investments across the U.S. Over the past year, DAD has acquired seven hotels across the United States, including International Palms Resort Cocoa Beach, Sheraton Salt Lake City and Saratoga Springs Hilton. DAD also acquired several development sites for new-build properties that will be completed in 2017, which includes the Doral DoubleTree by Hilton, DoubleTree by Hilton Ft. Lauderdale Airport and Tru/Home2 Suites by Hilton Ft. Lauderdale - totaling $200M in assets. These contracts were executed with more than 100 accredited investors with an entrance price of investment as low as $100K each, raising $30M plus in capital. In less than five years, DAD expects their portfolio to control and manage over $1B of hotel assets. "As we look ahead to 2017, I anticipate the company's growth to continue, as we are seeing terrific new opportunities for partners and investors in the upcoming year," said Rodriguez.