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In 2017, Driftwood Acquisitions and Development purchased a 218-room dual-branded Hilton Hotel in Fort Lauderdale, FL, with its joint venture and co-development partner Merrimac Ventures. The partners commenced ground-up construction on the development promptly after.

The 2017 Tax Cuts and Jobs Act was released soon after the purchase, outlining the benefits of a new investment program for some 8,700 designated Opportunity Zones throughout the country. The rules were incomplete, but they did state that you could not receive the benefits if you owned the property prior to 2018.

The executives at Driftwood were disappointed in the regulation and wrote off the otherwise perfectly-suited project as an Opportunity Zone investment.

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