Recent hotel transactions include Rockbridge adding a resort in the Florida Panhandle to its portfolio and Driftwood Capital taking ownership of a Hotel Indigo in Houston.
Rockbridge acquires the Island Resort in Florida
Rockbridge has acquired the 331-room Island Resort in Fort Walton Beach, FL, located on 11 acres of real estate with 600 ft. of private beach. Rockbridge acquired the property from the original owner, who recently invested $20 million to fund extensive renovations of the resort in the Florida Panhandle.
The Island Resort is the only full-service property in the market, according to Rockbridge, and offers beachfront suites and comfortable poolside rooms, as well as 24,000 sq. ft. of flexible meeting space with a penthouse ballroom.
Additional amenities include the onsite Island Market, two pools, one featuring a grotto with waterfall and swim-up bar; The Fish House; The Island Grille; Tripp Tide Beach Bar; and a beachside coffee truck.
Aimbridge Hospitality, which manages several other Rockbridge properties and 74 hotels in Florida, will operate the resort.
Hotel Indigo Houston at The Galleria acquired by Driftwood Capital
Driftwood Capital, a vertically integrated commercial real estate investment, development and lending platform specializing in hospitality, has acquired the Hotel Indigo Houston at the Galleria, a 131-key hotel located in Houston’s Uptown submarket.
Driftwood Capital, which provides high-net-worth investors direct access to institutional-quality hotel assets through its syndication model, acquired the property through its acquisition GP fund, which targets hotel acquisition opportunities in the $30 million to $150 million range. The property will be open for syndication beginning on Sept. 1 with a minimum investment of $50,000. Driftwood Capital, which has acquired 22 full-service hotels and developed seven new ground-up hotel projects since its inception, retains a 10% stake in all investments.
This is the fourth hotel property that Driftwood Capital has added to its portfolio in the last 12 months. The firm acquired the 316-room Hyatt Regency Fairfax in Virginia earlier this year, and the 248-key Hilton Southlake in Dallas and the 399-key Sheraton Pittsburgh Hotel at Station Square in Pittsburgh last year. All properties are managed by Driftwood Capital’s affiliate company, Driftwood Hospitality Management (DHM).
Built in 2001 and renovated in 2009, the hotel features more than 3,000 sq. ft. of meeting space, four meeting rooms, a fitness center and Crossroads Bar & Bistro restaurant.