Driftwood Acquisitions and Development (DAD) officially broke ground on their new 150-room Canopy by Hilton West Palm Beach. The project, located at 704 S. Dixie Highway, marks the first hotel project in Palm Beach County for the Coral Gables-based firm. The hotel will be located 2 blocks away from City Place, Downtown West Palm Beach's retail, dining and entertainment hub. Canopy by Hilton West Palm Beach will rise 14-stories and feature 150 hotel rooms, 5,000 SF of event space, fitness center, 2 full-service restaurants and rooftop swimming pool. Driftwood Acquisitions and Development financed construction with a $27.7 million loan from First American as well as an additional $19 million that was raised via foreign investors through the Federal EB-5 Visa Program. The Canopy brand launched in October 2014 with a concept focusing on energizing neighborhoods by incorporating local design and food elements into each unique location. The first Canopy location in North American was Canopy by hilton Washington DC The Wharf. Construction on Canopy by Hilton West Palm Beach is expected to be completed by Q1 2019.
“West Palm Beach is a lively and entertaining area for all ages, and we are confident that this thriving neighborhood is the perfect fit for the Canopy brand. We’ve always wanted a hotel that was close to our management headquarters and we are now living that dream,” said Carlos Rodriguez, CEO of DAD, an affiliate of North Palm Beach-based Driftwood Hospitality Management.