Driftwood Launches First Opportunity Zone Fund
Driftwood Acquisitions and Development (DAD) has launched its initial qualified opportunity zone fund (Driftwood QOF) with a target raise of $50 million. The first asset in the fund closed in March. The firm has secured two opportunity zone investments so far—a joint venture for the development of the 218-key dual-brand Home2 Suites/Tru by Hilton in Ft. Lauderdale, and the redevelopment of a 10-story office building in Wilmington, Delaware, into a 136-room IHG-branded urban hotel. The Driftwood QOF intends to leverage its acquisition pipeline to source high-yield development and redevelopment projects in opportunity zones across the United States.
Novotel Hotels Adds Novotel Miami Brickell
Accor announced that the Atton Brickell Miami has officially become Novotel Miami Brickell. Joining more than 520 Novotel Hotels, Suites & Resorts in 60 countries, Novotel Miami Brickell will be the 2nd Novotel in the United States and the brand’s 11th property in North and Central America. Accor acquired Atton Hotels in 2018. The 12-story Novotel Miami Brickell is comprised of 275 guestrooms and suites, with 5,000 square feet of meeting and conference space as well as the rooftop swimming pool and Vista Pool Bar.
MCR Acquires Two Indianapolis Hotels
Hotel owner-operator MCR has acquired two properties in the Racing Capital of the World—the 110-room Hampton Inn Indianapolis Northwest–Park 100 and the 78-room Residence Inn by Marriott Indianapolis Northwest. Both properties are less than 10 miles from the Indianapolis Motor Speedway, home of the Indy 500. The race—held every Memorial Day weekend—is the world’s largest single-day sporting event, attracting up to 300,000 fans annually.
HREC Arranges Sale the DoubleTree Suites Nashville Airport
HREC Investment Advisors recently arranged the sale of the 138-suite DoubleTree Suites Nashville Airport. An affiliate of Wexford Lodging Advisors acquired the hotel. HREC Investment Advisors exclusively represented the seller on this transaction. The hotel is a few miles from the Nashville International Airport, which served more than 14 million passengers in 2017 and is currently undergoing a multi-billion-dollar expansion. Additionally, it is located off of Briley Parkway near the I-40 interchange, allowing for access to Downtown Nashville and Opryland.
Urban Cowboy, Dovetail + Co Acquire Alpine Inn
Hotel developer Phil Hospod and innkeeper and designer Lyon Porter announced the acquisition of the 27-room Alpine Inn in Big Indian, New York, with plans to transform the 68-acre property into an Urban Cowboy designed lodge and spa. The property is in the heart of Catskill Park amidst the 33,500-acre Big Indian Wilderness nature preserve and still 10 minutes from the Phoenicia Diner. Blending Hospod’s experience in large-scale lifestyle hotel development and Porter’s expertise in intimate hospitality and design, the duo will reimagine the property to celebrate its surrounding nature, including an on-site restaurant, spa, gathering places, and nature trails. Porter will design all of the rooms and common spaces. With this partnership, Hospod and Porter also plan to bring Urban Cowboy to new markets around the United States, Canada, and beyond.
Curio Collection by Hilton Expands Portfolio
Curio Collection by Hilton plans to welcome several properties to its portfolio in time for 2019 summer travel. This portfolio includes two newly added U.S. properties: The Gabriel Miami, Curio Collection by Hilton, which opened in April 2019 in downtown Miami. and C. Baldwin, Curio Collection by Hilton, in Houston, which is undergoing a transformation to be completed in June 2019.