HALIFAX — Canada-based Pacrim Hospitality Services Inc. and U.S.-based Driftwood Hospitality Management have inked an international joint venture, which is expected to reach nearly $100 million in hotel real estate within five years. Its focus will be on 100- to 300-room full-service, extended-stay properties in Canada, the U.S. and foreign markets.
“We’re thrilled to have found a like-minded operator and partner in Driftwood,” said Glenn Squires, CEO of Pacrim. “Driftwood’s flexible approach allows us the ability to expand our business in the U.S. through a mutually beneficial partnership. We’re looking forward to implementing our strategic plan, with the help of Driftwood’s operations expertise, in Canada and beyond.”
With three properties already in the pipeline, the partners will begin targeting new-build developments in emerging Canadian neighbourhoods in New Brunswick, Nova Scotia, Newfoundland & Labrador and British Columbia. The team will also target emerging international markets such as South America and the Middle East.
Driftwood’s portfolio includes 39 hotels and 8,000 rooms in the United States, the Bahamas and Costa Rica. Pacrim, a hotel-management and development company, manages 46 multi-branded hotels and 4,800 rooms in Canada and the United States.