Driftwood Capital creates new platform

MIAMI – Driftwood Capital has launched Driftwood Lifestyle & Luxury Division (DLLUX), a platform for management, investment and development led by former Aspen Hospitality CEO Alinio Azevedo.

In addition to the operational consolidation, Driftwood seeks to raise later this year at least $300 million of institutional capital, with the capacity to acquire or develop a portfolio of assets totaling approximately $2 billion in gross assets. It will target lifestyle, luxury, and branded residences, which will be led by Azevedo. The new fund will strategically target discerning markets across the U.S. and select international markets that fit the fund’s criteria.

Outside of a property in Costa Rica, this would mark Driftwood's first expansion outside the U.S. with Azevedo saying they will be opportunistic with a list of very curated target markets that include southern Europe.

At launch, DLLUX will assume oversight of 12 assets currently managed by Driftwood Hospitality Management (DHM), eight of which are also owned by Driftwood-sponsored funds.

The launch of DLLUX is a further move by Driftwood into the luxury, lifestyle, and branded residences sector. Since 2019, the firm has undertaken more than $2 billion in investment with developments like the Westin Resort & Spa Cocoa Beach, Florida; Dream Miami; Canopy by Hilton West Palm Beach, Florida; and Canopy by Hilton Tempe, Arizona; as well as deep value-add repositionings like The Scottsdale Resort & Spa and the Hotel Rumbao, a Tribute Portfolio Hotel by Marriott in San Juan, Puerto Rico.

Azevedo began his career in hospitality with Carlos Rodriguez, Sr. at Cardel Hotels. His luxury hospitality experience also includes development and acquisitions efforts in the Americas for Four Seasons Hotels and Resorts, and he spearheaded expansion efforts for Loews Hotels in Miami and New York. More recently, Alinio served as the CEO of Aspen Hospitality, where he led the company’s management and expansion strategies while overseeing operations of its portfolio of owned and operated hotels, residences, and private ski clubs, including the Little Nell Aspen, Little Nell New York, and the growth of the Limelight brand.

Carlos Rodriguez, Jr., president and COO of Driftwood, emphasized that the new division is more than a structural change. “By unifying our assets under a single, focused platform, we are better equipped to respond to market trends and deliver superior returns to our investors,” he added.