Melbourne, Fla. (October 18, 2018) – Driftwood Acquisitions and Development (DAD) – a privately held investment firm specializing in the acquisition and development of quality hotel assets – today announced its purchase of the 290-room Crowne Plaza Melbourne Oceanfront in Melbourne, Florida. The hotel recently completed a full renovation that addressed areas impacted by Hurricane Irma. The hotel will be managed by Driftwood Hospitality Management (DHM).
“This is the 15th acquisition made by Driftwood Acquisitions & Development, and we are excited about the potential this property has, with an idyllic location and an outstanding, service-driven team,” said Carlos J. Rodriguez Sr., chairman and chief executive officer of DAD. “We are pleased with the growth DAD has experienced over the past three years and see no end in sight, with tremendous opportunity ahead.”
Steps from Melbourne’s breathtaking beach, the 290-room, full-service upscale Crowne Plaza Melbourne features 8,100 square feet of recently renovated meeting space, a state-of-the-art fitness center, outdoor pool and whirlpool, business center, complimentary shuttle service to area attractions and a gift shop. Guests can indulge in a variety of food and beverage options at Marisol Restaurant, an American eatery, and Surfside Lounge, an oceanfront lounge offering beach-themed cocktails, appetizers and sandwiches. The purchase also includes 10 acres of underdeveloped land, providing opportunities for expansion, redevelopment, and/or sale in the future.
The Crowne Plaza Melbourne Oceanfront is minutes away from major Space Coast demand generators. In 2018, Brevard County was ranked second highest in concentration of high-tech manufacturing jobs in the USA by the Brookings Institute and recognized as the third wealthiest county in the U.S. The hotel is located seven miles from the Orlando/Melbourne Airport and 19 miles south of Port Canaveral.
To remedy damage from Hurricane Irma and better compete in the competitive Melbourne market, previous ownership recently completed a comprehensive multi-million-dollar renovation, with DAD planning to add additional upgrades.