March 22, 2019
Miami-based Driftwood Acquisitions & Development, LP (DAD) entered the California market with the $85.7-million acquisition of the 353-key Marriott Mission Valley in San Diego. The privately-held hotel investment firm also intends to develop a second hotel on the southwest corner of the same site at 8757 Rio San Diego Dr.
DAD will parcel a 1.75-acre piece of land located on the current 7.4-acre Marriott Mission Valley hotel site. The proposed 130,000-square-foot, 150-key hotel will include 5,000 square feet of meeting space and a state-of-the-art fitness center. Construction is anticipated to begin in 2021.
DAD’s Carlos J. Rodriguez says, “The Marriott Mission Valley has demonstrated strong year-over-year growth since its common areas renovation in 2017. All of this points to the property’s potential to yield exceptional returns for our investors.”
DAD is using a unique syndication platform to give accredited investors an opportunity to co-invest in this hotel.
For comments, questions or concerns, please contact Dennis Kaiser