Coral Gables-based Driftwood Acquisitions & Development will hold a groundbreaking ceremony Oct. 16 for the Canopy by Hilton hotel rendering which is a 150-room hotel in downtown West Palm Beach.

Driftwood expects to open the 13-story Canopy by Hilton hotel in early 2019. Verdex Construction is the project’s general contractor.

The hotel at 704 South Dixie Highway will feature a restaurant on the lobby level, a gym, a rooftop swimming pool and bar, and 5,000 square feet of space for events.

Carlos Rodriguez Sr., the chief executive officer of Driftwood, told the South Florida Business Journal that financing for the hotel development will include a $27.7 million loan from First American, expected to close soon.

Rodriguez told the Journal that Driftwood also raised $19 million of financing from 38 foreign investors through the federal EB-5 visa program.

Larry Beame & Associates and E of A Interior Design designed the Canopy by Hilton West Palm Beach, which will be managed by Driftwood Hospitality Management. [South Florida Business Journal] — Mike Seemuth

From The Real Deal Miami via