MIAMI, Florida—Driftwood Capital has secured a total of $207 million in senior construction financing and Commercial Property Assessed Clean Energy (C-PACE) financing for its Westin Cocoa Beach Resort & Spa on Florida’s Space Coast. After breaking ground in September 2024, the $420 million, 502-key resort is part of Driftwood’s decade-long investment to grow the region’s hospitality profile and meet demand. The Westin Cocoa Beach Resort & Spa is scheduled to open in 2027.
City National Bank of Florida provided $70 million in construction financing at a competitive interest rate, with Bayview PACE, a division of Silver Hill Funding, LLC providing $137 million in C-PACE financing. Driftwood also secured $50 million credit facility from Amerant Bank at the holding company/fund level (Driftwood Florida Space Coast Portfolio).
“This milestone in securing financing reflects the unwavering dedication and resourcefulness of our team,” said Carlos Rodriguez Sr., chairman and CEO, Driftwood Capital. “The Westin Cocoa Beach Resort & Spa will not only set a new standard for luxury in the region but also symbolize the innovation and ambition that drive our vision for the Space Coast.”
“In tandem with the Space Coast’s vision for ingenuity and exploration, the Westin Cocoa Beach Resort & Spa is a leap for the future of hospitality in the region and a direct response to the business and leisure demand that is building up in and around the region—filling a much-needed void in the market,” added Carlos Rodriguez Jr., president and COO, Driftwood Capital. “In another record-setting year, the Space Coast saw 93 launches that further our investment thesis and support projections. As we witness this growth in the Space industry, this resort is set to become a beacon of luxury and convenience for all types of travelers, positioned to cater to the influx of visitors eager to be a part of this dynamic area’s ascent.”
Serving to fill a 160-mile gap of Marriott beachfront resorts along the Atlantic coast between Daytona Beach and Hutchinson Island, the Westin Cocoa Beach Resort & Spa will feature:
- 11 food and beverage venues including themed restaurants
- Spa
- Surfing wave pool
- Swimming pools
- Tennis and pickleball courts
- Fitness center with cardio and weights
- Multiple retail options
- Multistory parking garage to accommodate about 800 vehicles
“We’re not just building a hotel; we’re crafting an experience where the stars meet the sand,” added Jay Cooper, managing director of development and construction at Driftwood Capital. “Our goal is to ensure that the Westin Cocoa Beach Resort & Spa not only meets expectations, but exceeds them, creating a new standard for what it means to stay on the Space Coast.”
The resort will offer 72,000 square feet of open-air venues for meetings and events, complemented by 51,500 square feet of indoor space designed for gatherings and conferences.
As part of Driftwood’s Florida Space Coast portfolio, Driftwood is projected to own more than 1,200 guest rooms, 166,000 square feet of meeting space, and 21 food and beverage venues on 36 beachfront acres along Florida’s Space Coast from Cocoa Beach to Melbourne, Florida.
Once completed, it is projected that Driftwood Capital will own approximately 62 percent of the region’s beachfront inventory and 11 percent of its total hotel inventory. The Westin Cocoa Beach Resort & Spa is expected to generate about $3 million in tourist taxes in its first year of operation and $4.5 million a year by its fifth year of operation while creating approximately 1,800 direct and indirect jobs in its first year.
