Extended Stay Hotel in Miami, FL
- Background: In 2013, Driftwood partnered with an investment company to open a well-known extended stay brand hotel in the corporate sector in Miami, FL. The hotel broke ground on December 2014 and was fully open by January 2016.
- Action: We successfully opened a ground-up, new-build, 175-room premium select service brand hotel that serves as the flagship lodgings in primary markets. The company launched the property on time and on budget, and achieved a strong market presence from the start, exceeding all first-year financial expectations.
- Results: In the first two years the hotel exceeded the net operating income (NOI) projections by 16.82%, achieved GOP over 50%, exceeded first year ADR projections by 5% and exceeded second year occupancy by 6%.