PARK CITY, Utah—Driftwood Capital introduced it secured $33 million in refinancing for the Sheraton Park Metropolis resort in Park Metropolis, Utah, a 200-key resort located close to ski trails, coaching services, and year-round out of doors facilities.
Berkadia South Florida’s Managing Administrators Michael Weinberg and Scott Wadler, together with their crew members Alec Fox and Edmund Aramayo, organized the five-year, fixed-rate CMBS mortgage by Goldman Sachs Financial institution USA.
“The resort, with its in depth assembly house in comparison with its close by opponents, together with its shut proximity to the mountains and historic predominant avenue, positions itself to proceed to exceed our expectations. The group phase stays the fastest-growing demand sector in hospitality, and the resort is primed to leverage its over 12,000 sq. ft of devoted assembly house. Furthermore, vacationers proceed to point out a powerful want for leisure and out of doors actions, notably in distinctive markets providing top-notch options and facilities. This aligns with the development of experiential journey, particularly in locations that present a mixture of indoor and out of doors experiences,” stated Carlos Rodriguez, Jr., president and COO, Driftwood Capital.
“This marks the second profitable refinancing the Driftwood, Berkadia, and Goldman Sachs USA groups have completed collectively this 12 months, following a $60.5 million refinance of Driftwood’s Margaritaville Lake of the Ozarks asset in January,” added Wadler. “Within the case of the Sheraton Park Metropolis, Driftwood’s 30-year monitor report within the hospitality house guided its repositioning of the asset following their 2017 acquisition, which resulted in substantial will increase within the property’s NOI and RevPAR.”
The Sheraton Park Metropolis resort is a 20-minute drive from Olympic Park. The resort was initially constructed for the 2002 Winter Olympics and is surrounded by 2,000 acres of skiable terrain. The resort is 10 minutes from downtown and 45 minutes from Salt Lake Worldwide Airport.
“Driftwood Capital and its associates are thrilled to unlock worth for traders by a brand new mortgage, which can substitute present debt with favorable phrases,” defined David Steiner, managing director of capital markets, Driftwood Capital. “Park Metropolis has emerged as a worldwide vacation spot, supported by quite a few demand turbines that bolster sturdy hospitality fundamentals, notably for higher upscale properties just like the Sheraton Park Metropolis resort. Town’s formidable obstacles to entry make it exceptionally difficult for brand new provide to enter the market, probably offering draw back safety.”
The resort has an indoor atrium pool with a sizzling tub and sauna, recreation room, espresso store, and Timbers Restaurant & Bar with an outdoor coated patio and hearth pits. The Sheraton Park Metropolis additionally has greater than 12,000 sq. ft of conferences and occasion house with indoor and out of doors choices. Shuttle providers are additionally obtainable to take company to historic Important Avenue or Park Metropolis Ski Resorts.
The closing comes on the heels of Driftwood’s latest announcement that its resort growth pipeline has exceeded $1 billion in projected worth. Driftwood’s growth portfolio consists of $800 million in tasks both beneath building or scheduled to interrupt floor in 2024. Growth tasks beneath building or scheduled to interrupt floor in 2024 embody:
- Aspect by Westin Melbourne, Florida: A $54 million growth nearing completion and anticipated to open in June 2024.
- Aspect by Westin Mission Valley San Diego, California: A $74 million growth underway in March 2024, with completion projected in 2026.
- Westin Resort & Spa Cocoa Seaside, Florida: An roughly $410 million luxurious resort growth anticipated to interrupt floor in Q3 of 2024.
- Riverside Wharf Miami, Florida: A $267 million, transformative mixed-use growth situated on downtown Miami’s riverfront, that includes a Dream Lodge. Floor is anticipated to interrupt within the latter half of 2024.
