Full-Service Hotel in Austin, FL
- Background: Driftwood partnered with a top-tier institutional private equity company to acquire and reposition a 196-key asset located in Austin, TX.
- Action: We immediately renovated and rebranded the property to generate higher rates, business and demand. We completed a $8.5 million renovation on time and on budget, by inserting our management team and procedures.
- Results: In the first year of acquiring the properties, we increased ADR by 18%, occupancy by 9%, NOI by 79%, F&B revenue by 82% and RevPAR by 33%.