Driftwood Capital closed on a $1.2-billion portfolio consolidation involving 18 Hilton, Marriott and Margaritaville-branded hotels across 10 states. The 4,203-key portfolio represents some of the most strategically located and well-performing assets in Driftwood’s national platform.
“This portfolio brings together some of the highest quality assets we own and operate, creating a uniquely cohesive investment opportunity for our partners,” said Carlos Rodriguez Sr., chairman and CEO of Driftwood Capital. “We’ve intentionally assembled this particular portfolio of assets to reflect strength in markets, performance, and long-term fundamentals.”
Financing for the transaction was led by Wells Fargo, which acted as agent for a $330-million securitized senior loan. ACORE Capital provided $85 million in preferred equity. The portfolio spans a diverse set of high-growth markets, including California, Texas, Florida, North Carolina, Utah and New York. It is backed by nearly $370 million in recent renovations and new development.
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