Driftwood Hospitality Management Embarking On Expansion Program
North Palm Beach, Fla.—Driftwood Hospitality Management today announced the details of a major renovation project targeting three recently acquired properties. The company expects to finalize the upgrades by the end of 2012, thanks to the financial backing of a 2011 joint venture with a real estate investment fund managed and advised by affiliates of Apollo Global Management, LLC. READER COMMENTS
“In this market, companies that are aggressive and refuse to rest on their laurels will come out in on top,” said Mike Diaz, Chief Operating Officer at Driftwood, in an announcement. "The Driftwood team believes in being flexible, strategic and seizing opportunities as they arise. We see signs that the economy is rebounding, especially within the business travel sector, and we believe that moving forward with these renovations will ensure our properties are poised for future success.”
Driftwood’s Q3 & Q4 expansion program will encompass the following:
Sheraton Columbus Hotel at Capitol Square – Acquired by Driftwood in early September, this 400-room hotel is undergoing a $9.5 million top-to-bottom renovation and is currently the largest project for Driftwood. Since acquiring this property in 2011, Driftwood has already re-flagged the hotel, which was previously a Hyatt. New exterior signage, a Link@Sheraton and a 1,500-square-foot Starbucks have already been completed. A meeting space called The Gathering is also under construction. The full revitalization of the hotel is expected to be completed by the end of September.
DoubleTree Hotel Downtown Wilmington Legal District – A $4 million renovation to this property, which was acquired by Driftwood in October, includes everything from meeting rooms to restaurants and curtains to cappuccino machines. Driftwood has also created a unique business model for the hotel, building two on-site office spaces, which can be leased by law firms trying cases directly across the street at the New Castle County Courthouse.
Hilton Raleigh-Durham Airport at Research Triangle Park – The latest renovation plan unveiled by Driftwood has a $7.5 million price tag for a full remodel to this hotel. The renovation will include a re-design of the lobby, meeting spaces and guest rooms. A brand new restaurant concept will also be launched, featuring a wine list from local vineyards. This renovation will begin in July.