Atlanta, Georgia

MIAMI, Florida– Driftwood Capital has actually protected $62.5 million in overall refinancing for the Wylie Hotel Atlanta and Sheraton Pittsburgh Hotel at Station Square, 2 full-service hospitality properties in the main enterprise zone of Atlanta, Georgia, and Pittsburgh, Pennsylvania. Funds handled by affiliates of Fortress Investment Group have actually offered a 36-month, $28.5 million loan at a competitive rate of interest to re-finance the Wylie Hotel Atlanta.

“Driftwood Acquisition Partners (DAP) got the independent Wylie Hotel in 2021. Following the acquisition, DAP rebranded the hotel into a Tapestry by Hilton in 2023,” stated Tanya Zapata Sutcliffe, vice president of acquisitions, Driftwood Capital. “The Wylie Hotel has rapidly end up being a staple in the Old Fourth Ward Neighborhood of Atlanta’s CBD.”

The 111-key Wylie Hotel provides a store environment with regional dining through its Mrs. P’s Bar & & Kitchen, offering occasion area. The 399-key Sheraton Pittsburgh Hotel uses roughly 29,000 square feet of conference area and regional dining with its Factory South Shore dining establishment.

Starwood Mortgage Capital and Greystone Commercial Mortgage Capital have actually offered a 5-year, $34.0 million CMBS loan at a competitive rates of interest to re-finance the Sheraton Pittsburgh Hotel at Station Square.

“DAP obtained the Sheraton hotel at the height of the COVID-19 pandemic. Following a thorough $10 million remodelling that upgraded almost every element of the home,” included Daniel Katz, vice president of property management, Driftwood Capital. “Since then, we have actually made considerable development towards supporting the hotel. With its up-to-date style and sweeping views of downtown Pittsburgh throughout the Monongahela River, the Sheraton has now end up being a premier location for leisure and group need.”