Driftwood Capital has hired Alinio Azevedo to lead the group’s new luxury and lifestyle division with plans to invest over $3 billion in hospitality properties across the U.S. and in some international markets.
Azevedo is the former CEO of Aspen Hospitality. Driftwood moved the management of 12 of its properties formerly managed by Driftwood Hospitality Management to the new division. Eight of the properties are owned by Driftwood-sponsored funds.
“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,” said Carlos Rodriguez Jr., president and chief operating officer of Driftwood, in a statement.
The launch of Driftwood's new division dovetails with the creation of an investment fund focused on luxury branded residences. The company anticipates investing over $3 billion in assets that align with high-end travelers.
Driftwood has invested over $2 billion since 2019 in hospitality properties throughout the country, including Dream Miami, a proposed $300 million, 167-room hotel and nightclub set to break ground along the Miami River later this year; the $40 million renovation of the Scottsdale Resort & Spa in Arizona; and the upcoming Westin Resort & Spa in Cocoa Beach along Florida's Space Coast.
“Travel is evolving toward more immersive and bespoke experiences,” said Azevedo, managing director of Driftwood’s new division, in the statement. “Our fund is designed to tap into this trend, offering a disciplined approach to growth and ensuring Driftwood remains at the forefront of the upscale hospitality market.”
In his prior role, Azevedo led Aspen Hospitality’s management and expansion through the growth of its Limelight brand while overseeing a portfolio that included hotels, residential properties and private ski clubs such as Little Nell Aspen and Little Nell New York.
Driftwood Capital was founded in 2015, and the company and its affiliates have generated over $5 billion in transactions for hospitality assets, ranging from ground-up hotel developments and cash-flowing hotels to hotel-backed loans. The group's office is based at 255 Alhambra Circle in Coral Gables.