Hotel Online News for the Hospitality Executive Driftwood Hospitality Management Enters International Joint Venture with Pacrim Hospitality Service
North Palm Beach, Fla. and Halifax, Nova Scotia – June 3, 2013 – Driftwood Hospitality Management, LLC (Driftwood) and Pacrim Hospitality Services Inc. (Pacrim) today announced the formation of an international joint venture which, within five years, is expected to represent nearly $100M in hotel real estate. The JV will target 100- to 300-room full-service and extended stay properties across Canada, the United States and select foreign markets.
With three properties already in the pipeline, the Driftwood/Pacrim JV will initially target new-build developments in several of Canada’s emerging areas, including:
— Kingswood, Fredericton, New Brunswick
— Bedford/Halifax, Nova Scotia
— Argentia, Newfoundland & Labrador
— St. John’s, Newfoundland & Labrador
— Goose Bay, Newfoundland & Labrador
— Golden, British Columbia
“Canada is experiencing incredible growth at the moment, especially within the lodging sector, and the Pacrim team has a long-standing legacy of excellence there,” said Brian Quinn, Driftwood’s Executive Vice President of Development. “Through this partnership, Driftwood is able to enter the Canadian market at an aggressive pace, further leveraging our flexibility and seizing strategic opportunities in real-time.”
Beyond Canada, Driftwood and Pacrim will target other emerging international markets including South America and the Middle East. Pacrim has recently entered agreements for the development of a 250 room Intercontinental Hotel at Muscat Hill Golf and Country Club and a 110 luxury seaside resort in Muscat, Oman. A broad acquisition strategy will create value for both companies focused on expanding their global footprints.
“We’re thrilled to have found a like-minded operator and partner in Driftwood,” said Glenn Squires, CEO of Pacrim. “Driftwood’s flexible approach allows us the ability to expand our business in the U.S. through a mutually beneficial partnership. We’re looking forward to implementing our strategic plan, with the help of Driftwood’s operations expertise, in Canada and beyond.”
As a leading hospitality industry player, Driftwood’s current portfolio consists of 39 hotels comprising over 8,000 rooms in major resort destinations and top business travel and convention markets in the United States, the Bahamas and Costa Rica. This includes independent boutique and resort locations, as well as award-winning franchises of nationally recognized hospitality brand systems such as Choice Hotels International, Inc., InterContinental Hotels Group, Starwood Hotels & Resorts Worldwide, Inc., Hilton Worldwide, Carlson and Wyndham Worldwide. With an average of 20 years in the hospitality industry, Driftwood’s experienced, diverse and entrepreneurial team delivers real, bottom-line results.
Pacrim is one of Canada’s largest privately owned hotel management and development companies. With a managed portfolio of 46 multi-branded hotels throughout Canada and the United States, totaling some 4,800 hotel rooms and suites, Pacrim has, for more than a decade, expertly managed and developed hotels in partnership with many of the world’s most recognized hotel brands such as InterContinental Hotels Group, Starwood Hotels & Resorts Worldwide Inc., Carlson, Hilton Worldwide and Wyndham Worldwide
For more information about Driftwood Hospitality Management and to stay up-to-date on the latest news, visit www.TheDriftwoodDifference.com or follow Driftwood on Facebook, Twitter and LinkedIn. For more information on Pacrim, visit www.pacrimhospitality.com.
About Driftwood Hospitality Management Based in North Palm Beach, Fla., Driftwood Hospitality Management, LLC is a leader in providing solutions-based services for the domestic and international hotel industry. Guided by The Driftwood Difference – Flexibility, Diversity, Integrity, Accessibility, Originality, the company covers the full spectrum of lodging business needs. From full-service, upscale and upper-upscale hotels to mid-size extended-stay, select and limited-service properties, Driftwood’s portfolio represents virtually every segment of the hospitality industry. Focused on strategic acquisition, development, third-party management, asset management and receivership, Driftwood has extensive management experience and relationships with most major brands, including Starwood Hotels & Resorts Worldwide, Hilton Worldwide, InterContinental Hotels Group, Inc., Carlson, Choice Hotels International, Inc. and Wyndham Worldwide. With offices in Costa Rica, Scottsdale, Ariz. and Miami, Fla., the company and its hotels have received more than 20 industry awards in the past three years.
About Pacrim Hospitality Services Inc. Pacrim Hospitality Services Inc. is one of Canada's largest, privately-owned hotel management and development companies with a portfolio of 46 hotels throughout Canada and the United States totaling more than 4,800 hotel rooms and suites. Formed in 1997, Pacrim has a wealth of expertise to offer clients such as acquisition and disposition support, concept design, development, centralized Accounting and Purchasing, e-marketing as well as property and asset management services. Pacrim’s team has acquired, sold, developed and managed over 100 multi-branded hotels within Canada and the United States. Pacrim is the winner of the 2008 Pinnacle Award as Canada's Hotel Company of the Year and the 2009 TIAC National Award for Tourism Excellence as Business of the Year – Multiple Unit. Pacrim’s portfolio of hotels have received numerous industry and community awards. Pacrim is headquartered in Bedford, Nova Scotia.
Contacts: Driftwood Hospitality Management: M. Silver // A Division of Finn Partners 954-765-3636; [email protected] Pacrim Hospitality Services Inc: Glenn Squires, CEO; 902-404-7474