December 22, 2020
Miami-based Driftwood Capital acquired the Hilton Dallas Southlake Town Square, a 248-key, five-story hotel in the Dallas suburb of Southlake, approximately 10 minutes from Dallas-Fort Worth International Airport. Driftwood Capital acquired the asset from Hobbs & Curry family limited partnership for an undisclosed price, and plans to invest $5 million in property renovations over the next 12 months.
Earlier this year, Driftwood raised $250 million to launch three new development, acquisitions and mezzanine lending GP funds. The Southlake property was acquired through the acquisition fund, which targets hotel opportunities in the $30-million to $150-million range.
Driftwood will open the new acquisition to investors for syndication in early February, with a minimum investment of $50,000. The firm retains a 10% stake in all its hotel investments.
“The Hilton Southlake offered a high-quality asset in a premier location with ample upside opportunity,” said Carlos Rodriguez Sr., CEO of Driftwood Capital.
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