Driftwood Capital Celebrates Rebranding of Its 245-Key Hotel Rumbao in Historic Old San Juan, Puerto Rico

Puerto Rico, San Juan. June 11, 2024

Driftwood Capital ("Driftwood"), a vertically integrated commercial real estate hospitality sponsor, announces the grand opening of Hotel Rumbao, a 245-key hotel and Paseo Portuario, a parking and retail complex in Old San Juan, Puerto Rico. Acquired by Driftwood Capital in 2021, the property has been repositioned to Marriott's Tribute Portfolio of independent boutique hotels following a $21.8 million renovation of the property and its surroundings.

Driftwood Hospitality Management manages Hotel Rumbao, the only Tribute Portfolio property in Puerto Rico.

Celebrating the April 26th launch of the revamped hotel, dignitaries, elected officials, and special guests in attendance included:

Hon. Manuel Cidre, Secretary of the Department of Economic Development and CommerceCarlos Fontán, Director of the Incentives Office of the Department of Economic Development and CommerceBrad Dean, Chief Executive Officer for Discover Puerto RicoLcdo. Juan Carlos Santaella, Acting Executive Director - Gaming Commission of Puerto Rico

"After an extensive renovation process, we're thrilled to launch this transformative project that speaks to Puerto Rico's longstanding heritage and serves as the key to Old San Juan," said Carlos Rodriguez Sr., Chairman and CEO of Driftwood Capital. "As we strategically acquire assets and meticulously reposition them to enhance returns on investment, Hotel Rumbao is another example of the capabilities our best-in-class team has shown across our portfolio of properties in strong markets across the U.S."

Redesigned by local Puerto Rican architect Eugenio Ramirez Ballagas at ERB Arquitectos, PSC, Hotel Rumbao delivers a new upscale experience representing the island's rich history and culture. Incorporating elements of Old San Juan, Lang & Schwander's interior design team created a unique color palette that encapsulates the Puerto Rican aesthetic with verdant touches throughout.

"We identified an immediate opportunity for a property with great bones that needed a timely renovation and brand change to greatly improve and deliver the one-of-a-kind experience we knew this hotel could offer," said Tanya Zapata Sutcliffe, Vice President of Acquisitions at Driftwood Capital. "Our team wanted to ensure that the entire guest experience would properly capture Hotel Rumbao's charm and surroundings. To guarantee a high-quality, full-service hotel stay experience at Hotel Rumbao, we opened a new food and beverage concept, Kueros Island Bar & Kitchen, which offers innovative cocktails and dishes overlooking the Atlantic Ocean and now has street access with a grand staircase."

Driftwood Capital is currently overseeing renovations aimed at "repositioning" hotels and committing $82.6 million to renovate and raise hotel standards in the U.S. The company has also completed several notable renovations, including but not limited to the Hotel Vesper, Houston, a Tribute Portfolio Hotel, which opened in 2023, and The Scottsdale Resort and Spa, Curio Collection by Hilton, projected to be completed in 2024.

"This is an exciting time for Old San Juan. We are also thrilled to be overseeing the management of the Hotel Rumbao. We are committed to revolutionizing the guest experience by implementing our industry-leading management practices that are redefining the hotel's identity," said David Buddemeyer, President, Driftwood Hospitality Management. "We are eager to welcome all guests of Suan Juan and invite them to enjoy the property's stunning redesign and amenities and create cherished memories with loved ones for years to come."

Located at 100 C. Brumbaugh, the hotel is 20 minutes away from Luis Muñoz International Airport and positioned directly at the entrance of Old San Juan, just steps away from the Port of San Juan, one of the busiest cruise ports in the Caribbean. Standing out with a signature blue hue, Hotel Rumbao is also one of the first buildings greeting visitors to Old San Juan. Featuring dynamic event space for gatherings, celebrations, and weddings, visitors and guests will enjoy culinary programming by Kueros Island Bar & Kitchen, led by renowned Chef Israel Rodríguez, showcasing local cuisine accompanied by traditional dance and entertainment.

Recently, Driftwood also announced that its hotel development pipeline has exceeded $1 billion in projected value. Driftwood's development portfolio includes $800 million projects either under construction or scheduled to break ground in 2024, demonstrating the firm's robust and strategic position in the hospitality sector.

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