Driftwood Capital, through its lending fund Driftwood Lending Partners, provided $18.5 million in mezzanine loans for the refinancing of the Northeast Select Service Portfolio, a five-property portfolio encompassing Hilton- and Marriott-branded select-service hotels across New Hampshire and Massachusetts. The borrower was a partnership of Cerberus Capital Management and Highgate.
The 594-key portfolio includes the following properties:
- Courtyard Manchester Boston Regional Airport (NH, 139 keys)
- Homewood Suites Manchester/Airport (NH, 131 keys)
- Springhill Suites Manchester-Boston Regional Airport (NH, 100 keys)
- Homewood Suites Portsmouth (NH, 116 keys)
- Residence Inn Boston Franklin (MA, 108 keys)
“Having worked previously with proven operators like Cerberus and Highgate, our team identified an exceptional opportunity to support best-in-class select-service properties in distinct markets that complement one another,” said Scott Melby, VP of Capital Markets at Driftwood Capital. “The portfolio’s recent $15.1-million renovation program, combined with operational synergies across the Manchester properties and the backing of premium Hilton and Marriott brands, will allow these assets to continue outperforming in the market.”
Pictured: Courtyard Manchester Boston Regional Airport.
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