Driftwood Capital has provided $34.8 million in mezzanine financing for refinancing Miami Airport Marriott Connection, a Marriott-branded complex with three hotels at 1201 Northwest LeJeune Road near Miami International Airport. The financing was provided through Driftwood Lending Partners, LP (DLP), to an affiliate of Cerberus Capital Management and Highgate. Driftwood originated the two-year loan with three one-year extension options at a competitive interest rate.
The loan collateral includes a 371-key full-service Marriott, a 301-key Courtyard by Marriott, and a 164-key Residence Inn by Marriott. This portfolio of properties is strategically positioned near major entertainment, dining, and transit corridors such as State Road 836 (the Dolphin Expressway) and is less than 10 minutes from Miami International Airport.
“As owner/operators continue navigating capital markets, Driftwood is proud to step in and serve as a source of financing that firms in the hotel industry can rely on,” said Carlos Rodriguez Sr., Chairman & CEO of Driftwood Capital. “The origination of this loan speaks to the level of knowledge and experience exercised by our team to support high-quality assets in outperforming markets.”
Since the Fund’s launch in late 2020, DLP has invested more than $1.4 billion in financing for high-quality hotels and sponsors nationwide. The Fund provides mezzanine loans and preferred equity for existing hospitality assets and ground-up hotel development projects in the United States.
Credit: Marriott Miami Airport.
Driftwood Capital’s investment strategies include hospitality acquisition, development, and lending. Its portfolio includes award-winning properties such as the Canopy Tempe and Canopy West Palm Beach, the Wylie Hotel in Atlanta, the Marriott Mission Valley in San Diego, and the Margaritaville Lake of the Ozarks. The company is also developing the $405 million Westin Cocoa Beach and the $267 million Riverside Wharf/Dream Hotel in Downtown Miami, both in Florida.
3D aerial view of the Marriott-branded complex with three hotels south of the Dolphin Expressway. Photo from Google Earth.
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