NEWS BRIEF: Florida's Driftwood Capital Lands a $33 Million Refinancing for its Sheraton Park City Hotel
Coral Gables, Florida-based Driftwood Capital has secured $33 million in capital from Goldman Sachs to refinance the Sheraton Park City Hotel in Park City, Utah.
Backed by over 1,200 active accredited investors, Driftwood specializes in acquiring and managing hospitality properties (primarily hotels).
It currently owns over 85 properties with over 16,500 "keys" (aka, hotel rooms) for an AUM (Assets Under Management) total of over $3 billion.
The Sheraton Park City has 200 rooms and was acquired by Driftwood in June 2017.
It's one of at least two properties the firm owns in Utah, another being the Sheraton Salt Lake City Hotel, which it acquired in August 2016.
The financing for this five-year, fixed-rate transaction was arranged by the south Florida office of Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group.
AUTHOR'S NOTE: Sources for this story include:
among others.
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