MIAMI—Driftwood Capital refinanced the Scottsdale McCormick Ranch, a resort property located in Scottsdale, Arizona. MetLife Funding Administration, the institutional asset administration enterprise of MetLife, Inc., offered the refinancing loan totaling $115,000,000.
Carlos Rodriguez Sr., chairman and CEO of Driftwood Capital, mentioned, “Driftwood Capital and its mates are mad to change the in-map debt with favorable terms as we shut to completion of the $40 million transformational renovation and revitalization of the Scottsdale McCormick Ranch Resort. We’re renewing the resort’s elegance to map it as a number one property within the map. Historically, the resort has been a notorious preference for enormous conventions, and we query it to capitalize on leisure query within the Scottsdale market. At the a comparable time, it continues to steer as a community and convention vacation map as well to a way of life resort. The resort has a solid foundation and distinctive put, but it lacked obvious elements required to compete successfully within the sumptuous hospitality sector. With the cost-add repositioning and renovation, the resort will seemingly be positioned to glean its title as thought to be one of the most preeminent resorts on this market.”
Driftwood’s renovation of Scottsdale McCormick Ranch Resort comprises a total redesign of all guestrooms, expanded food and beverage offerings, the introduction of 12 5-mattress room villas, and the addition of a tubby-carrier spa. Upon completion, the resort will seemingly be portion of the Curio gentle stamp within the Hilton portfolio.
In-constructed 1976, the property is adjoining to 2 18-gap golf classes. It has 90,000 sq. toes of indoor-exterior meeting and event map, two exterior swimming pools, a spa and fitness middle, and several other food and beverage outlets, including a new speakeasy and interactive venue map, which is ready to have a golf simulator and pool table. It’s located within the deliberate community of McCormick Ranch.
Glenn Wasserman, chief monetary officer of Driftwood Capital, mentioned, “The Scottsdale market has viewed necessary improve with upper-priced resort RevPAR growing 25 percent over 2019 levels. With our intensive multimillion-buck renovation, we query the Scottsdale McCormick Ranch Resort to be thought to be one of the most head competing resorts within the map.”
The Scottsdale Resort at McCormick Ranch is located within the coronary heart of Scottsdale’s Greenbelt, a submarket within the Phoenix metro map. The resort is located shut to Scottsdale’s attractions, including championship golf classes, carrying venues, Cactus League Spring Coaching facilities (for the Arizona Diamondbacks and Colorado Rockies Major League Baseball franchises), WestWorld, Outmoded Metropolis, and trying and eating at Scottsdale Trend Sq.. The property is a 15-minute force from Phoenix Sky Harbor Global Airport.
Driftwood Hospitality Administration (DHM), an affiliate of Driftwood Capital, will deem administration obligations.