Driftwood Capital has provided financing as part of the refinancing of Raffles Boston Hotel & Residences, the first and only Raffles-branded hotel in the Western Hemisphere.
Driftwood participated in the financing through a Driftwood-affiliated private lending fund, alongside New York-based Madison Realty Capital. The financing was provided to Cain International, a real estate investment firm based in London.
Driftwood’s financing was facilitated by David Steiner, partner; Jordan Kirkbride, VP, capital markets; Andrew Steiner, VP, capital markets; Scott Melby, VP, capital markets; Ian Chandler, senior associate; and Daniel Katz, SVP, portfolio asset management.
“Raffles Boston is a prominent luxury hospitality asset in the Northeastern U.S., and we are pleased to support its ongoing operations through this financing,” said David Steiner. “This transaction reflects our experience in structuring tailored capital solutions for institutional hotel assets alongside established industry partners like Madison Realty Capital and Cain International. Our team’s participation in the financing of an iconic property like the first Raffles in the Western Hemisphere reflects the capabilities of our lending platform.”
Located in Boston’s Back Bay neighborhood, the property is a landmark mixed-use hospitality and residential development. It features 147 luxury guestrooms, branded residences and amenities including a three-story Sky Lobby, the Guerlain Spa with a 65-ft. indoor pool, three on-site restaurants and bars and the brand’s signature butler service.
