PALM BEACH, FL-Driftwood Hospitality Management just inked a $400 million joint venture with a real estate investment fund managed and advised by affiliates of Apollo Global Management. The companies plan to invest the funds over the next two years.

“We’ve already spent $45 million on the purchase and renovation of a full-service hotel in the Midwest,” Brian Quinn, executive vice president and principal of Development for Driftwood Hospitality, tells GlobeSt.com. “We look forward to acquiring a variety of full-service hotels throughout the United States that are in need of renovation, and have the potential to be repositioned.”

Driftwood’s current portfolio includes 27 hotels with more than 5,900 rooms in major resort destinations and top business travel and convention markets in the United States, the Bahamas and Costa Rica. This portfolio spans independent boutique and resort locations, as well as franchises of nationally recognized hospitality brand systems such as InterContinental Hotels Group, Starwood Hotels & Resorts Worldwide, Hilton Worldwide, Carlson, Choice Hotels International and Wyndham Worldwide.