Rendering of Hilton hotel under construction at 315 NW First Ave. in downtown Fort Lauderdale. (Photo: Courtesy Photo)
A Coral Gables-based hotelier is going all in on opportunity zones by planning five projects and launching an opportunity zone fund for project financing.
Driftwood Acquisitions & Development, formed in 2015, develops hotels and invests in existing ones that have steady cash flow and upside potential. It's no stranger to complex financing structures after using EB-5 visa money and syndicating equity ownership in its hotels to accredited investors.
The company now is embarking on a qualified opportunity zone fund with the goal of raising $50 million for five hotels, two of them in Florida.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
