Driftwood Capital (“Driftwood”) announces the successful groundbreaking of the highly anticipated Westin Cocoa Beach Resort, Spa, and Conference Center, a 502-key oceanfront development located in Florida’s fast-growing Space Coast market. Located at 1300 North Atlantic Avenue on the coastal city of Cocoa Beach, the $420 million Westin Resort & Spa will be built on a 15.7-acre site, providing the largest conference center in the region. The resort will be managed by North Palm Beach-based Driftwood Hospitality Management once completed.
The event was attended by notable figures, including Cocoa Beach Mayor Keith Capizzi, former Mayor Ben Malik, Shawn Cummins from Marriott International, Mike MacDonald of Kast Construction, Driftwood Hospitality Management Founder and President David Buddemeyer, Driftwood Capital Chairman & CEO Carlos Rodriguez Sr., and Driftwood Capital President & COO Carlos Rodriguez Jr.
“The groundbreaking of the Westin Cocoa Beach Resort & Spa is a bellwether of the Space Coast’s progression as one of the most important and in-demand hotel markets in the entire country,” said Carlos Rodriguez, Sr. “Although it took patience and persistence to reach this momentous milestone, we are thankful for the local partners who took note of our vision in bringing a true, high-end resort that meets the changing needs of travelers visiting the Space Coast. This is truly a significant moment shaping the trajectory of Cocoa Beach, Brevard County, and the entire state of Florida.”
As the Space Coast sees billions of dollars in continued investment within the aerospace, defense, and tourism sectors from SpaceX, Blue Origin, Lockheed Martin, Northrup Grumman, Port Canaveral and others attracting business and tourist travelers alike, Driftwood’s entry into the Space Coast more than 10 years ago has positioned the firm as today’s premier developer/owner/operator of hospitality assets in this high barrier-to-entry market.
“The Westin Cocoa Beach Resort & Spa will reflect the progress and sophistication of Brevard County’s identity as a leader in innovation and space exploration,” said Carlos Rodriguez Jr. “There is truly nothing like this in the region, raising the standard for hospitality and local investment that will draw new business and travelers from around the world. We are proud to be a part of this mission while delivering a state-of-the-art hotel that will serve as a crown jewel in the state’s hospitality industry.”
In 2023, the Space Coast saw 72 launches throughout the year which set a new record. In 2024, there have been 64 launches year-to-date, putting the region on track to break yet another record in consecutive years (Orlando Sentinel). Following the elevated level of activity and demand for space exploration and tourism, coupled with closer collaborations between NASA and private entities, Driftwood’s early identification of the Space Coast and its need for contemporary hospitality assets speak to the firm’s investment thesis coming into fruition in the form of compelling assets in hospitality across the region.
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
– A world-class spa Surfing wave pool
– Swimming pools
– Tennis and pickleball courts
– Fitness center with cardio and weights
– Multiple retail options
– A multistory parking garage to accommodate about 800 vehicles
Once completed, Driftwood Capital will own approximately 62% of the region’s beachfront inventory and 11% of its total hotel inventory. The property 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.
The resort will also 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.
Earlier in 2024, Driftwood announced that its hotel development pipeline exceeded $1 billion in projected value. Driftwood’s development portfolio includes projects valued at approximately $500 million which are either under construction or scheduled to break ground in 2024, demonstrating the firm’s robust and strategic position in the hospitality sector.
