Driftwood Secures Financing for Westin Cocoa Coastline Resort & Spa

MIAMI, Florida—Driftwood Capital has secured a total of $207 million in senior building financing and Industrial Property Assessed Elegant Energy (C-PACE) financing for its Westin Cocoa Coastline Resort & Spa on Florida’s Location Flit. After breaking floor in September 2024, the $420 million, 502-key resort is phase of Driftwood’s decade-prolonged funding to grow the position’s hospitality profile and meet request of. The Westin Cocoa Coastline Resort & Spa is scheduled to begin in 2027.
Metropolis Nationwide Bank of Florida equipped $70 million in building financing at a aggressive passion payment, with Bayview PACE, a division of Silver Hill Funding, LLC providing $137 million in C-PACE financing. Driftwood also secured $50 million credit ranking facility from Amerant Bank on the holding company/fund stage (Driftwood Florida Location Flit Portfolio).
“This milestone in securing financing reflects the unwavering dedication and resourcefulness of our crew,” acknowledged Carlos Rodriguez Sr., chairman and CEO, Driftwood Capital. “The Westin Cocoa Coastline Resort & Spa will no longer handiest dilemma a brand modern identical earlier for luxurious in the position nonetheless also signify the innovation and ambition that power our imaginative and prescient for the Location Flit.”
“In tandem with the Location Flit’s imaginative and prescient for ingenuity and exploration, the Westin Cocoa Coastline Resort & Spa is a soar for the vogue ahead for hospitality in the position and an rapid response to the industry and leisure request of that is build up in and around the position—filling a phenomenal-mandatory void in the market,” added Carlos Rodriguez Jr., president and COO, Driftwood Capital. “In but another story-setting year, the Location Flit observed 93 launches that extra our funding thesis and beef up projections. As we glance this enhance in the Location industry, this resort is dilemma to become a beacon of luxurious and comfort for all sorts of travelers, positioned to cater to the inflow of vacation makers intriguing to be a phase of this dynamic home’s ascent.”
Serving to absorb a 160-mile gap of Marriott beachfront resorts along the Atlantic soar between Daytona Coastline and Hutchinson Island, the Westin Cocoa Coastline Resort & Spa will feature:
- 11 food and beverage venues including themed eating locations
- Spa
- Surfing wave pool
- Swimming pools
- Tennis and pickleball courts
- Gymnasium with cardio and weights
- Rather a lot of retail ideas
- Multistory parking storage to accommodate about 800 vehicles
“We’re no longer lawful building a resort; we’re crafting an experience the put the stars meet the sand,” added Jay Cooper, managing director of construction and building at Driftwood Capital. “Our operate is to be particular that the Westin Cocoa Coastline Resort & Spa no longer handiest meets expectations, nonetheless exceeds them, increasing a brand modern identical earlier for what it technique to raise on the Location Flit.”
The resort will offer 72,000 sq. toes of begin-air venues for meetings and events, complemented by 51,500 sq. toes of indoor dilemma designed for gatherings and conferences.
As phase of Driftwood’s Florida Location Flit portfolio, Driftwood is projected to personal more than 1,200 customer rooms, 166,000 sq. toes of assembly dilemma, and 21 food and beverage venues on 36 beachfront acres along Florida’s Location Flit from Cocoa Coastline to Melbourne, Florida.
As soon as completed, it is projected that Driftwood Capital will personal approximately 62 percent of the position’s beachfront stock and 11 percent of its total resort stock. The Westin Cocoa Coastline Resort & Spa is expected to generate about $3 million in tourist taxes in its first year of operation and $4.5 million a year by its fifth year of operation whereas increasing approximately 1,800 grunt and indirect jobs in its first year.