MIAMI, Florida—Driftwood Capital has secured $62.5 million in complete refinancing for the Wylie Lodge Atlanta and Sheraton Pittsburgh Lodge at Station Sq., two full-service hospitality property within the central enterprise districts of Atlanta, Georgia, and Pittsburgh, Pennsylvania. Funds managed by associates of Fortress Funding Group have offered a 36-month, $28.5 million mortgage at a aggressive rate of interest to refinance the Wylie Lodge Atlanta.
“Driftwood Acquisition Companions (DAP) acquired the impartial Wylie Lodge in 2021. Following the acquisition, DAP rebranded the lodge right into a Tapestry by Hilton in 2023,” mentioned Tanya Zapata Sutcliffe, vice chairman of acquisitions, Driftwood Capital. “The Wylie Lodge has rapidly change into a staple within the Previous Fourth Ward Neighborhood of Atlanta’s CBD.”
The 111-key Wylie Lodge delivers a boutique ambiance with native eating by way of its Mrs. P’s Bar & Kitchen, offering occasion area. The 399-key Sheraton Pittsburgh Lodge affords roughly 29,000 sq. ft of assembly area and native eating with its Manufacturing facility South Shore restaurant.
Starwood Mortgage Capital and Greystone Industrial Mortgage Capital have offered a 5-year, $34.0 million CMBS mortgage at a aggressive rate of interest to refinance the Sheraton Pittsburgh Lodge at Station Sq..
“DAP acquired the Sheraton lodge on the top of the COVID-19 pandemic. Following a complete $10 million renovation that up to date almost each facet of the property,” added Daniel Katz, vice chairman of asset administration, Driftwood Capital. “Since then, now we have made vital progress towards stabilizing the lodge. With its modernized design and sweeping views of downtown Pittsburgh throughout the Monongahela River, the Sheraton has now change into a premier vacation spot for leisure and group demand.”
