DRIFTWOOD SECURES $33M FOR SHERATON PARK CITY REFI: Driftwood Capital has secured $33 million in refinancing for the Sheraton Park City hotel in Park City, Utah. Berkadia arranged the five-year, fixed-rate CMBS loan through Goldman Sachs Bank USA. The 200-room hotel is located close to ski trails, training facilities and year-round outdoor amenities. A 20-minute drive from Olympic Park, the hotel was constructed for the 2022 Winter Olympic Park and is surrounded by 2,000 acres of skiable terrain. The hotel includes an indoor atrium pool with hot tub and sauna, game room, coffee shop, a restaurant and bar with patio and fire pits and over 12,000 square feet of event space. Driftwood acquired the hotel in 2017. This marks the second refinancing achieved by the Driftwood, Berkadia and Goldman Sachs USA teams this year, following the $60.5 million refinancing of Driftwood’s Margaritaville Lake of the Ozarks property in January. Driftwood’s hotel development pipeline has surpassed $1 billion in projected value. The development portfolio includes $800 million projects either under construction or expected to break ground this year.
FAIRFIELD BY MARRIOTT’S MILESTONE IN GREATER CHINA: Fairfield by Marriott, part of Marriott Bonvoy’s portfolio of more than 30 brands, has achieved a milestone in Greater China with the opening of its 50th hotel in the region. The brand has opened Fairfield by Marriott Chengdu High-Tech Zone, located near Guilong Park in Shuangliu District. The hotel features 145 rooms, a signature restaurant which can accommodate up to 100 guests, a 24×7 market in the lobby and a fitness center. Fairfield by Marriott’s portfolio currently consists of more than 1,280 properties across 19 countries.
IHG GROWS PREMIUM PORTFOLIO IN INDIA: IHG Hotels & Resorts is set to introduce its Crowne Plaza brand to Uttarakhand in northern India. The lodging company has signed a management agreement with IVY Hotels & Resorts to open Crowne Plaza Dehradun Rajpur Road. Scheduled to open in Dehradun in April 2028, the hotel will add 110 keys to IHG’s portfolio in the state. Set in the Himalayas, the hotel will offer an all-day dining destination, a specialty restaurant, bar and lobby lounge, fitness center, pool, spa, club lounge and a retail store. Currently, IHG has 46 properties operating under five brands across India, with 49 more hotels scheduled to open in the next two-three years.
COURTYARD PROVIDENCE SELLS: DelMonte Hotel Group, the Rochester, N.Y.-based hotel management and development company, and Rockbridge have acquired the Courtyard Providence Downtown. Other terms of the transaction were not disclosed. Located in downtown Providence, R.I., the 219-room hotel is located close to Brown University, Johnson and Wales University, College Hill, PPAC and Amica Mutual Pavilion. The hotel features a fitness center and nearly 3,000 square feet of meeting and event space. The new owners plan to upgrade the hotel in the coming years. The acquisition marks DelMonte’s entry into Rhode Island.
RED ROOF OPENS THREE EAST COAST HOTELS: Red Roof has opened three hotels in the East Coast – the dual-branded Red Roof Inn Richmond, Va. – W Broad St. and HomeTowne Studios by Red Roof Richmond, Va. – W Broad St. and the HomeTowne Studios by Red Roof Cortland, N.Y. The HomeTowne Studios in Richmond offers 49 rooms, while the Red Roof Inn in Richmond, located adjacent to the HomeTowne Studios property, features 59 rooms. Owned by Jay Sahajanad LLC, the hotels underwent renovations ahead of their rebranding to Red Roof properties. The 99-room HomeTowne Studios in Cortland consists of rooms with kitchenettes with refrigerators and microwaves along with meeting facilities, a business center, a pool and a fitness center. Owner Central NY Hospitality LLC completed renovations and spent $4.5 million on the enhancements.