Driftwood Capital has secured the $60.5 million refinancing of Margaritaville Lake Resort, Lake of the Ozarks, a 520-key resort located in Osage Beach, MO.
Managing Directors Michael Weinberg and Scott Wadler, along with Associate Director Alec Fox of Berkadia South Florida arranged the financing through Goldman Sachs Bank USA and Starwood Mortgage Capital.
“The $60.5-million loan enables us to unlock tremendous value for our investors,” said Carlos Rodriguez Jr., president/COO, Driftwood Capital. “Since acquiring and repositioning the iconic Tan-Tar-A Resort into a Margaritaville hotel, we have increased revenue by more than 50%, significantly outperforming our underwriting and solidifying our belief in the lifestyle concept.”
The five-year loan includes full-term interest-only payments at a competitive interest rate.
“Driftwood has done an excellent job in transforming the property since their 2017 acquisition, carrying out a complex business plan which included significant capital investment, creation of several new revenue streams, and flagging the hotel as one of the nation’s first Margaritaville Resorts,” said Fox. “Through their well-executed efforts, the property is now the top-performing asset in the area, which facilitated securing favorable new debt terms for Driftwood and their partners.”
Daniel Katz, VP, asset management, Driftwood Capital, said, “The centrally located resort benefits from strong multi-segment group and leisure business throughout the Midwest. To accommodate strong demand and position the resort for future growth, we recently completed the construction of 26 additional guestrooms. The resort features comprehensive leisure amenities including its marina, golf course, indoor waterpark, spa, seven dining outlets and more than 75,000 sq. ft. of indoor meeting space. We believe guests will continue to prioritize experiential spending when making their travel decisions.”
The closing comes on the heels of Driftwood’s recent $60 million refinancing of the Hilton Cocoa Beach along Florida’s Space Coast.
