Bank OZK awards construction loan to Driftwood Acquisitions & Development and Merrimac Ventures for Tru by Hilton and Home2 Suites by Hilton hotel in Fort Lauderdale – South Florida Business Journal

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A joint venture between Merrimac Ventures and Driftwood Acquisitions and Development has secured $28.5 million for the construction of a new Hilton-franchised hotel in Fort Lauderdale, Fla. Mission Capital Advisors arranged the non-recourse loan through Bank OZK.

The hotel has two brands by Hilton.. Senior Reporter, South Florida Business Journal. Aug 6, 2018, 2:40pm edt updated aug 10, 2018,

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Driftwood Acquisitions and Development and local developer Dev Motwani of Merrimac Ventures entered a 50/50 partnership to build a dual-branded Tru/Home2 Suites by Hilton hotel in Downtown Fort Lauderdale, Fla. The new-build hotel, which will be managed by Driftwood Hospitality.

A joint venture between Merrimac Ventures and Driftwood Acquisitions and Development has secured $28.5 million for the construction of a new Hilton-franchised hotel in Fort Lauderdale, Fla. Mission Capital Advisors arranged the non-recourse loan through Bank OZK, on behalf of the partnership.

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