**Driftwood Capital Closes $1.2 Billion Consolidation of 18-Hotel Portfolio**
Driftwood Capital has successfully completed a $1.2 billion portfolio consolidation, encompassing 18 hotels under the Hilton, Marriott, and Margaritaville brands. Spanning 10 states, the 4,203-key portfolio includes some of the most strategically located and top-performing assets within the company’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.”
The deal’s financing was led by Wells Fargo, which served as the agent for a $330 million securitized senior loan. ACORE Capital contributed $85 million in preferred equity. The properties are situated in various high-growth markets, including California, Texas, Florida, North Carolina, Utah, and New York. The portfolio is further strengthened by nearly $370 million in recent renovations and new development investments.
