The Doubletree Hotel in St. Augustine on San Marco Avenue has been sold to a new owner.
Driftwood Acquisitions and Development, a privately held investment firm specializing in the acquisition and development of hotel assets throughout the United States, announced Monday that it had acquired the hotel.
The company also announced it acquired the Hampton Inn Daytona Beach/Beachfront. Since launching in 2015, Driftwood has taken over nine hotels.
“Our two newest hotels are perfect additions to DAD’s growing list of properties in popular tourist destinations and really underscore our success in 2017,” said Carlos Rodriguez, CEO of Driftwood, in a release. “It’s an exciting time for our company, and it’s wonderful that our newest hotels in Daytona Beach and St. Augustine will be part of our story moving forward.”
The DoubleTree by Hilton Historic District is a four-star property ranked No. 4 out of the 77 surrounding hotels on TripAdvisor.
The hotel underwent an $8.2 million renovation in 2014, replacing all mechanical, electrical and plumbing and expanded the footprint of the first floor.
That renovation was done after Humphrey Realty Corp of Sanford purchased the building in 2012 for $2.3 million. The hotel was built in 1973 and has changed names several times. It was most recently called the San Marco Inn before being transformed into a DoubleTree.
Both properties will be operated by Driftwood Acquisitions and Development’s affiliate management company, Driftwood Hospitality Management. DHM currently manages approximately 40 hotels throughout the United States and Costa Rica.
The management company runs almost 20 hotels in Florida, but the DoubleTree is its only property in St. Johns County.