**Driftwood Capital Provides $18.5M Mezzanine Loan for Northeast Hotel Portfolio Refinance**
Driftwood Capital, through its lending fund Driftwood Lending Partners, has provided $18.5 million in mezzanine financing for the refinancing of the Northeast Select Service Portfolio. The portfolio comprises five Hilton- and Marriott-branded select-service hotels across New Hampshire and Massachusetts. The borrower in this transaction is a joint venture between Cerberus Capital Management and Highgate.
The 594-key portfolio includes:
– Courtyard Manchester Boston Regional Airport (New Hampshire, 139 keys)
– Homewood Suites Manchester/Airport (New Hampshire, 131 keys)
– Springhill Suites Manchester-Boston Regional Airport (New Hampshire, 100 keys)
– Homewood Suites Portsmouth (New Hampshire, 116 keys)
– Residence Inn Boston Franklin (Massachusetts, 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, Vice President 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*
