MIAMI, Florida—Driftwood Capital has secured $62.5 million in total refinancing for the Wylie Resort Atlanta and Sheraton Pittsburgh Resort at Characteristic Square, two stout-service hospitality sources in the central industry districts of Atlanta, Georgia, and Pittsburgh, Pennsylvania. Funds managed by affiliates of Fortress Funding Community have faith supplied a 36-month, $28.5 million loan at a competitive hobby fee to refinance the Wylie Resort Atlanta.
“Driftwood Acquisition Companions (DAP) got the self reliant Wylie Resort in 2021. Following the acquisition, DAP rebranded the resort loyal into a Tapestry by Hilton in 2023,” acknowledged Tanya Zapata Sutcliffe, vice president of acquisitions, Driftwood Capital. “The Wylie Resort has expeditiously turn loyal into a staple in the Inclined Fourth Ward Neighborhood of Atlanta’s CBD.”
The 111-key Wylie Resort delivers a boutique ambiance with native eating via its Mrs. P’s Bar & Kitchen, providing event situation. The 399-key Sheraton Pittsburgh Resort presents roughly 29,000 square feet of assembly situation and native eating with its Manufacturing facility South Shore restaurant.
Starwood Mortgage Capital and Greystone Commercial Mortgage Capital have faith supplied a 5-one year, $34.0 million CMBS loan at a competitive hobby fee to refinance the Sheraton Pittsburgh Resort at Characteristic Square.
“DAP got the Sheraton resort on the height of the COVID-19 pandemic. Following a comprehensive $10 million renovation that up to the moment virtually every aspect of the property,” added Daniel Katz, vice president of asset management, Driftwood Capital. “Since then, we have faith made predominant development against stabilizing the resort. With its modernized execute and sweeping views of downtown Pittsburgh all the contrivance via the Monongahela River, the Sheraton has now turn loyal into a premier destination for leisure and community ask.”
