Carlos Rodriguez: $1 billion in hospitality assets on new syndication model

Carlos Rodriguez is founder, CEO and chairman of Driftwood Capital, a hospitality investment firm that has provided the foundation for development of hotels in South Florida and across the US, with more than $5 billion in hospitality assets in its portfolio.

Its real estate syndication model, launched in 2015, was proven a lifesaver during the pandemic. His goal is now to continue expanding its operations, developments and reach, with $1 billion dollars in the pipeline in development deals.

Driftwood Capital was born out of the 2003 merger of Cardel Hotels, of which Mr. Rodriguez was the founder and CEO, with Driftwood Hospitality Management, founded by investment banking company Lehman Brothers and David Buddemeyer.

Mr. Rodriguez has more than 35 years in hotel administration and hospitality, operating, acquiring, developing and lending to hotels across the US, and before that in Costa Rica, alongside his father.

Perseverance, hard work, and team communication are a few of the key elements, he said, to be successful, even in hard times.

“The growth of new supply is being hindered by construction costs, by supply chain issues, and by the banks’ curtailing loans to new developments, or charging higher interest rates and higher margins,” he said. “Meanwhile, in Miami, you have more and more demand for rooms every day, and it will continue to do well. I’m not worried about the future of the hotel industry in Miami at all.”

Mr. Rodriguez has received numerous awards in the hospitality development world, and sits on several boards, including the Board of Advisors of Duke University’s Fuqua School of Business, and previously the Hospital System and Pension System of Costa Rica as vice chairman, and the Central American Bank of Economic Integration.

The hotel business is generous, he said. “Getting into it is like a roller coaster, but as long as you structure things the right way, with the right capital stack, the right team, the right brand and location, as long as you work hard, it is a phenomenal business.”

Mr. Rodriguez spoke with Miami Today reporter Monica Correa.

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