Driftwood Capital adds Scottsdale Resort at McCormick Ranch in Arizona to its growing hotel portfolio
Capital of driftwooda vertically integrated commercial real estate company offering superior risk-adjusted returns in hospitality, announces that it has acquired the Scottsdale Resort at McCormick Ranch, a sprawling 326-room hacienda-style resort located on 16 lush acres in one of the Arizona’s most exclusive neighborhoods. planned communities.
Built in 1976 as the nation’s first true conference center, the AAA Four-Diamond Resort is located adjacent to two 18-hole championship golf courses and features 90,000 square feet of meeting and event space indoor-outdoor, two outdoor pools, a spa and fitness center, three food and beverage outlets, and an on-site UPS store. It is located in the planned community of McCormick Ranch, an affluent neighborhood featuring luxury homes, high-end shopping, golf courses, corporate headquarters, and plenty of walking and running trails.
Driftwood Capital plans to complete a multi-million dollar renovation that will transform the hotel into a Curio by Hilton Collection, an upscale global brand of unique hotels and resorts handpicked for their distinct character. The renovation will completely transform all guest-facing areas of the hotel, including new food and beverage concepts, a complete overhaul of the resort-style pool, and a new, expanded spa and fitness center.
Accredited investors will have the opportunity to invest in the hotel through Driftwood Capital’s DealDirect investment platform beginning in the second quarter of 2022.
“The Scottsdale Resort at McCormick Ranch has provided Driftwood with a rare opportunity to acquire a unique, institutional-quality hotel in one of the nation’s premier tourism markets,” said Johannah Rodriguez, managing director of acquisitions at Driftwood Capital. “This property gives our team a “blank canvas” on which to project our long-term vision of a four-star resort in Sonora offering an upscale retreat for vacationers and unparalleled facilities and services for groups/travellers. business too.”
Carlos Rodriguez Sr., CEO of Driftwood Capital, added, “Scottsdale’s demand drivers – year-round warm temperatures, elite business community and growing population – have all contributed to the reason for which this offer was attractive. Ultimately, we saw an opportunity to acquire a truly unique hotel asset with considerable growth potential, located in one of the most sought-after pockets of one of the nation’s premier real estate markets. This has met all of our rigorous investment criteria, and we are excited to take the next steps to realize the true potential of this property.
Hotel renovations will begin in the first half of 2022 and will focus on transforming all guest-facing areas of the hotel, including all guest rooms in the McCormick building and the Stillman building, which has not been renovated since. 2003. The management arm, Driftwood Hospitality Management, will oversee the renovations and operations of the property.
The Scottsdale Resort at McCormick Ranch is conveniently located in the heart of the Scottsdale Greenbelt, a premier submarket in the Phoenix metro area. The resort is located minutes from Scottsdale’s top attractions including world-class golf courses, sports venues, Cactus League spring training facilities (home of the Arizona Diamondbacks and Colorado Rockies Major League Baseball franchises), from WestWorld, Old Town and renowned shopping. dinner at Scottsdale Fashion Square. The property is just a 15-minute drive from Phoenix Sky Harbor International Airport, ranked the nation’s top airport in 2019, providing convenient access for groups and business travelers looking for a resort experience. in the southwest.
Driftwood Capital’s investment strategies include hotel acquisition, development and lending. Award-winning properties in its portfolio include Canopy Tempe and Canopy West Palm Beach; the Wylie Hotel in Atlanta; the Marriott Mission Valley in San Diego; the Hilton Fairfax in Virginia; and Lake Margaritaville of the Ozarks. It is also developing the $300 million Westin Cocoa Beach and the $185 million Riverside Wharf/Dream Hotel in downtown Miami, both in Florida.
About Driftwood Capital
Driftwood Capital is one of the nation’s leading hotel sponsors. A vertically integrated commercial real estate company with investment, development, lending and management platforms, Driftwood’s unique business model offers accredited investors access to institutional-grade hotel assets or capital solutions on a direct deal basis following the closing of the transaction.Since inception, Driftwood Capital has traded over $3 billion in hotel assets, including new projects hotel development, cash flow hotels and hotel-backed loans, backed by an international network of more than 1,200 investors. Driftwood”s in-house team of experts oversees deal sourcing, underwriting, financing , asset management, operations, development and legal matters, ensuring full alignment of interests with investees sisters. For more information, visit www.driftwoodcapital.com.