Driftwood Management Redeems Total Ownership Interest
NORTH PALM BEACH, FL - November 18, 2010 - Driftwood Hospitality Management (“Driftwood”) has redeemed its financial partner's ownership interest in the company, effective Wednesday, Nov. 17, 2010. Armet Capital served as the investment advisor and placement agent for Driftwood.
Driftwood's President David Buddemeyer said, “Driftwood has completed the restructuring of the company and has recapitalized its balance sheet. We are now well positioned to accelerate the growth of our hotel management business and have increased capacity for investments in hotel real estate.”
Since its inception in 1999, Driftwood has consistently maintained a commitment to building long-term relationships with investors, clients, lenders, and guests. This commitment has provided steady, positive results in constantly changing economic environments.
Michael Diaz, executive vice president for Driftwood commented, “We have assembled an experienced and entrepreneurial hospitality management team capable of achieving focused objectives. Members of our company's senior management have an average of 20 years of experience in all segments of the lodging industry, and have proved highly successful in the takeover, re-positioning, and optimization of hotel operations.”
Mark Golenzer, a principal of Armet Capital commented, “Driftwood's keen focus on execution was a vital component in attracting new capital and in restructuring the company for continued success.”
Driftwood Hospitality Management is located in North Palm Beach, Fla., with additional offices in Miami, Fla.; San Jose, Costa Rica; and Scottsdale, Ariz. serving both domestic and international hotel owners. Driftwood has extensive management experience with the major hotel franchising companies covering the full spectrum of lodging businesses ranging from mid-size extended-stay and limited-service properties, to boutique and full-service resorts featuring full-service restaurants, spas and convention centers.
Media Contact:
Michael Diaz
561-207-2743
[email protected]
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