Driftwood Capital(“Driftwood”), a vertically integrated commercial real estate firm providing superior risk-adjusted returns in hospitality, has secured $62.5 million in total refinancing for the Wylie Hotel Atlanta and Sheraton Pittsburgh Hotel at Station Square, two full-service hospitality assets located in the central business districts of Atlanta and Pittsburgh.

Funds managed by affiliates of Fortress Investment Group have provided a 36-month, $28.5 million loan at a competitive interest rate to refinance the Wylie Hotel Atlanta.

“Driftwood Acquisition Partners (“DAP”) acquired the independent Wylie Hotel in 2021. Following the acquisition, DAP rebranded the hotel into a Tapestry by Hilton in 2023,” said Tanya Zapata Sutcliffe, VP of Acquisitions at Driftwood. “The Wylie Hotel has quickly become a staple in the Old Fourth Ward Neighborhood of Atlanta’s CBD.”

Located at 551 Ponce De Leon Ave NE, the 111-key Wylie Hotel delivers a boutique atmosphere with local dining through its renowned Mrs. P’s Bar & Kitchen, providing distinguished event space in of Atlanta’s most well-known neighborhoods.

Starwood Mortgage Capital and Greystone Commercial Mortgage Capital have provided a 5-year, $34.0 million CMBS loan at a competitive interest rate to refinance the Sheraton Pittsburgh Hotel at Station Square. “DAP acquired the Sheraton hotel at the height of the COVID-19 pandemic.  Following a comprehensive $10 million renovation that updated nearly every aspect of the property,” added Daniel Katz, VP of Asset Management at Driftwood. “Since then, we have made significant progress toward stabilizing the hotel. With its modernized design and sweeping views of downtown Pittsburgh across the Monongahela River, the Sheraton has now become a premier destination for leisure and group demand.”

Situated at 300 W Station Square Dr, the 399-key Sheraton Pittsburgh Hotel offers approximately 29,000 square feet of meeting space and local dining with its acclaimed Factory South Shore restaurant.

For more information, please visit www.driftwoodcapital.com.