Coral Gables, FL and Cocoa Beach, FL (Jan 13, 2025) – Bayview PACE has announced a record-breaking $137 million in Commercial Property-Assessed Clean Energy (C-PACE) funding for the development of the $420 million Westin Cocoa Beach Resort & Spa. This landmark project will feature 502 rooms and is the largest C-PACE deal in Florida’s history.
A Game-Changing Development
Currently under construction and set to open in early 2027, the Westin Cocoa Beach Resort & Spa is being developed by Driftwood Capital, a prominent real estate investment firm based in Coral Gables, Florida. It marks Driftwood’s fourth hospitality project in Brevard County and showcases a blend of modern design and high-end amenities tailored to meet the unique needs of the Space Coast.
At a recent groundbreaking event, Driftwood Capital CEO Carlos Rodriguez Sr. highlighted the resort’s importance in addressing the region’s growing demand. He remarked, “The resort will help meet demand from the Space Coast’s new residents, vacationers, and business users from growing aerospace and defense companies and Port Canaveral, one of the world’s busiest cruise ports.”
Marriott representatives in attendance underscored the company’s support, pointing to the resort’s strategic role in closing a 160-mile gap between Daytona Beach and Hutchinson Island for Marriott beachfront properties.
An Innovative Approach to Financing
Bayview PACE’s trailblazing funding of this project demonstrates the growing importance of C-PACE financing in the real estate sector. Speaking about the deal, A.K. Prabhakar, SVP of Commercial Originations at Bayview PACE, stated, “We are thrilled to support a tier-1 hospitality sponsor in Driftwood and to facilitate the development of what will be an iconic project in an underserved market. We provided a bespoke and innovative C-PACE financing solution that resulted in an efficient cost of capital and met the sponsor’s goals.”
Jason Clouet, VP of Bayview PACE, added, “As C-PACE continues to become a standard finance tool, we anticipate even more large transactions like this because Bayview is one of the few PACE lenders with the ability to fully fund major projects from our own balance sheet.”
Luxury Amenities and Design
Situated on 500 linear feet of prime oceanfront property, the Westin Cocoa Beach Resort & Spa will feature 502 rooms, including 69 suites. Guests will enjoy access to 11 food and beverage venues, a full-service spa, fitness center, and extensive resort amenities such as pools, cabanas, fire pits, and a kid-friendly pool and playground.
For business and event clients, the hotel will offer 123,700 square feet of indoor and outdoor meeting and event space, while an adjacent convention center will provide an additional 51,700 square feet, including grand and junior ballrooms, banquet rooms, and supporting restaurant facilities.
The Growing Acceptance of C-PACE Financing
C-PACE financing is gaining momentum across the U.S., with legislation enabling its use in 40 states. This innovative funding tool has become increasingly popular for commercial real estate projects, providing property owners with accessible financing for sustainable development while reducing upfront costs.
About Driftwood Capital
Driftwood Capital is a private real estate investment firm focused on hospitality investments, including hotel acquisition, development, and lending. Founded in 2015 and headquartered in Coral Gables, Florida, Driftwood has rapidly become a leader in the hospitality sector. To learn more, visit Driftwood Capital.