Driftwood Inks JV with Pacrim; Expands into Canada
Monday June 3rd, 2013 - 10:18PM EOHQ
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NORTH PALM BEACH, FL—Driftwood Hospitality Management, LLC, based here, and Canada-based Pacrim Hospitality Services have formed an international joint venture, which is expected to represent nearly $100 million in hotel real estate within five years.
“It’s fun to be friendly competitors and it’s even more fun, I think, to recognize the strengths in the other companies,” Brian Quinn, Driftwood’s EVP of development, told Hotel Business. “Pacrim is one of the leading management companies in Canada and they’ve got a great footprint all across the country in all the major markets. I think they saw in us an opportunity to leverage our development platform.”
The JV will target 100- to 300-room full-service and extended stay new-build properties across Canada, the United States and select foreign markets, primarily South America and the Middle East.
Quinn noted that Canada is an appealing prospect for a number of reasons. “They did not have the level of damage to the economy with the debt crisis on the residential or commercial side,” he said. “Second, as you look at the energy sector and the national resource sector, Canada is a big winner. That’s driving lodging demand.”
Three properties are already in the pipeline. In addition, Pacrim recently entered agreements for the development of a 250-room Intercontinental Hotel at Muscat Hill Golf and Country Club and a 110-key luxury seaside resort in Muscat, Oman.
Tags: • Hospitality • Acquisitions • Ownership • Management Companies • Owners/Operators •
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