Driftwood Capital to Open $420 Million Westin Cocoa Beach Resort as Space Coast Demand Surges
Updated
Updated · CNBC · Jun 17
Driftwood Capital to Open $420 Million Westin Cocoa Beach Resort as Space Coast Demand Surges
1 articles · Updated · CNBC · Jun 17
Summary
$420 million Westin Cocoa Beach Resort & Spa is scheduled to open next year, giving Driftwood Capital a new luxury hotel and conference center on Florida's Space Coast.
Private-space growth from SpaceX, Blue Origin and defense contractors has lifted demand for higher-end lodging, with executives, scientists and launch visitors driving the investment case.
62% of beachfront hotel inventory in the region will be controlled by Driftwood once the Westin opens, according to executive chairman Carlos Rodriguez Sr.; its overall regional share will reach about 11%.
Construction began in September 2024 after Driftwood spent more than a decade assembling local assets, and the firm says it is still seeking more land tied to the area's expanding space economy.