Driftwood provides $34.8M for Miami hotel complex refi

Driftwood Capital has provided $34.8 million in mezzanine financing for the refinancing of Miami Airport Marriott Connection, a Marriott-branded complex with three hotels near Miami International Airport. Through its lending fund, Driftwood Lending Partners LP, the firm provided financing to an affiliate of Cerberus Capital Management and Highgate.

Driftwood originated a two-year loan with three, one-year extension options at a competitive interest rate.

The loan collateral consists of the 371-key, full-service Miami Airport Marriott, the 301-key Courtyard Miami Airport and the 164-key Residence Inn Miami Airport. The properties are adjacent to the Dolphin Expressway and are 1.5 miles from Miami International Airport.

“As owner/operators continue navigating capital markets, Driftwood is proud to step in and serve as a source of financing that firms in the hotel industry can rely on,” said Carlos Rodriguez Sr., chairman/CEO, Driftwood Capital. “The origination of this loan speaks to the level of knowledge and experience exercised by our team to support high-quality assets in outperforming markets.”

Since the fund’s launch in late 2020, DLP has participated in more than $1.4 billion in financing for hotels and sponsors across the country. The fund focuses on providing mezzanine loans and preferred equity for existing hospitality assets, as well as ground-up hotel development projects in the U.S.