Driftwood Added Fourteen Management Contracts in 2010
December 15, 2010 - Driftwood Hospitality Management added fourteen management contracts to its portfolio in 2010. The hotels added to the portfolio ranged from select service hotels to full service hotels in several states, including Arizona, California, Colorado, Florida, Illinois and Texas. New clients included private equity investors as well as several receivership assignments for special servicers.
Since its inception in 1999, Driftwood has consistently maintained a commitment to building long-term relationships with investors, lenders and major demand providers. This commitment has provided steady, positive results in constantly changing economic environments.
Steve Johnson, EVP of Development for Driftwood commented, “We are well positioned to continue to grow our management portfolio in 2011 via management contracts, receivership assignments and targeted acquisitions. The diversity of our hotel portfolio by brands and locations allow us to effectively procure management assignments throughout the United States.”
David Buddemeyer, President of Driftwood commented, “Due to the depth of our management team and our expertise in daily operations, we are able to efficiently add multiple assets to our portfolio and immediately improve key operating metrics of each asset. We will continue to assist owners and lenders in repositioning hotels and maximizing profit.”
Driftwood Hospitality Management is located in North Palm Beach, Florida, with additional offices in Dallas, Miami and Scottsdale. Driftwood is a leading independent third party management company with over 6,400 hotel rooms under management. The portfolio is well diversified amongst major brands, product types and locations. Driftwood has extensive relationships with institutional owners and lenders as well as individual ownership groups.
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