Driftwood Capital acquired the Marriott Raleigh Durham Research Triangle Park, a 225-key full-service, hotel located in North Carolina’s Research Triangle area. Driftwood will carry out an extensive renovation project to enhance numerous features throughout the Hotel. They’ve committed $9 million on upgrades that include improvements to guest rooms, implementing a central air system, and introducing new amenities such as an expanded fitness center and a premium M Club lounge.
Franklin BSP Realty Trust originated a multimillion, two-year loan with three one-year extension options.
Built in 1988, the Hotel is Driftwood’s third acquisition in North Carolina and its second within the Research Triangle. Located at 4700 Guardian Drive, the Hotel is anchored by hundreds of surrounding companies and is near Tier-1 research universities.
Driftwood investment strategies include hospitality acquisition, development, and lending. Driftwood is developing the approximately $410 million Westin Cocoa Beach project in Cocoa Beach, FL.
The post Driftwood Adds Research Triangle Marriott to Portfolio appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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