Hollywood’s Driftwood on the Ocean hotel sells for $7.6 million

The Driftwood on the Ocean hotel in Hollywood Beach has been sold to Property Markets Group for $7.6 million, according to CBRE, which had marketed the property on behalf of the owner, Dupont Hollywood. The 52-unit hotel property, which has development approvals for 24 condominium units, is located at 2101 South Surf Road. It sold for approximately $263 per developable square foot. CBRE’s Multi-Housing Private Capital Group handled the transaction. — Alexander Britell