Florida investor takes Southlake hotel - The Dallas Morning News

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A Florida investor has purchased a Southlake hotel.

Driftwood Capital bought the 248-room Hilton Southlake in the Southlake Town Square development.

Built in 2007, the hotel was sold by the Hobbs & Curry family limited partnership.

The new owners plan $5 million in upgrades to the property.

“The Hilton Southlake offered a high-quality asset in a premier location with ample upside opportunity,” Carlos Rodriguez Sr., CEO of Driftwood Capital, said in a statement. “Having recently received capital improvements throughout the property, the Hilton Southlake has a competitive advantage that is furthered by its exceptional location.

“Surrounded by high-end retail, dining and Class A office space, the property is poised for success following a strategic repositioning that will benefit from the leisure and corporate demand in the area.”

The five-story, full-service hotel includes 18,000 square feet of meeting space. It’s an anchor building in the popular Southlake Town Square mixed-use development.

The hotel is close to major employment centers for Charles Schwab, Fidelity Investments, Deloitte and TD Ameritrade.

The sale marks one of the few such North Texas hotel transactions during the pandemic.

Driftwood Capital bought the Southlake hotel for its acquisition fund, which targets hotel purchases in the $30 million to $150 million range.

Founded in 2015, the Coral Gables, Fla.-based company has 20 hotel properties around the country.

The company’s properties include the Marriott Mission Valley in San Diego, Canopy by Hilton West Palm Beach and Canopy by Hilton in Tempe, Ariz.

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