Driftwood Acquisitions & Development Enters California Market With $85.7 Million Acquisition of 353-Key Marriott Mission Valley in San Diego
Driftwood Acquisitions and Development (DAD) - a privately held investment firm specializing in the acquisition, development and investment syndication of quality hotel assets - announces its entry into the California market with the $85.7 million acquisition of the 353-key Marriott Mission Valley in San Diego. The firm also intends to develop a second hotel on the southwest corner of the same site.
DAD is inviting accredited investors to co-invest in this hotel through its unique syndication platform, which allows clients to invest in institutional-quality, fully-financed, income-producing hotel projects in the United States.
"San Diego's diversity of demand generators has made the area a leading year-round destination for business and leisure travelers," said Carlos J. Rodriguez, chairman and chief executive officer of DAD. "In 2018, San Diego hosted almost 36 million visitors who spent $11.5 billion during their stay. The Marriott Mission Valley has demonstrated strong year-over-year growth since its common areas renovation in 2017. All of this points to the property's potential to yield exceptional returns for our investors."
DAD will pursue continual operational growth initiatives at the Marriott Mission Valley, including carrying out a multimillion dollar capital improvement program, encompassing full guest room renovations and further upgrades to the outdoor pool area.
Recognizing San Diego's further potential as a lodging market, DAD will parcel a 1.75-acre piece of land located on the current 7.4-acre Marriott Mission Valley hotel site. The proposed 130,000-square-foot, 150-key hotel will include 5,000 square feet of meeting space and a state-of-the-art fitness center. Construction is estimated to begin in 2021.
Built in 1988, Marriott Mission Valley is located at 8757 Rio San Diego Drive. The 353-key property has over 37,000 square feet of meeting and event space, with hotel amenities including Dine Entertain Network (DEN) Restaurant, M Club Lounge, a business center, fitness center, outdoor swimming pool and convenience store.
Since launching in 2015, DAD has built a portfolio that includes 17 operating hotels and two new-build developments under construction. All of its properties are managed by DAD's sister company, Driftwood Hospitality Management (DHM), a leader in providing solutions-based services for the domestic and international hotel industry with over 20 years of expertise in hotel acquisition, development, repositioning, renovation and operations.