Driftwood Capital, the vertically integrated commercial real estate firm focused on hospitality, has provided funds as part of the refinancing of Raffles Boston Hotel & Residences, the only Raffles-branded hotel in North America. The luxury brand is part of Accor.
Driftwood participated in the financing through a Driftwood-affiliated private lending fund alongside New York-based Madison Realty Capital. The financing was provided to Cain, a real estate investment firm based in London.
Driftwood’s financing was facilitated by Driftwood Partner David Steiner; VP of Capital Markets Jordan Kirkbride; VP of Capital Markets Andrew Steiner; VP of Capital Markets Scott Melby; Senior Associate Ian Chandler; and Senior VP Portfolio Asset Management Daniel Katz.
“Raffles Boston is a prominent luxury hospitality asset in the Northeastern United States, and we are pleased to support its ongoing operations through this financing,” said David Steiner. “This transaction reflects our experience in structuring tailored capital solutions for institutional hotel assets alongside established industry partners like Madison Realty Capital and Cain International. Our team’s participation in the financing of an iconic property like the first Raffles in the Western Hemisphere reflects the capabilities of our lending platform.”
Located at 40 Trinity Place in Boston’s Back Bay neighbourhood, Raffles Boston Hotel & Residences is a mixed-use hospitality and residential development. The development features 147 luxury guestrooms; branded residences and amenities, including a three-storey Sky Lobby, the Guerlain Spa with a 20-metre indoor pool, three on-site restaurants and bars, as well as its Raffles butler service. Opened in September 2023, the property is the first Raffles Hotels & Resorts property in the Americas, introducing the 139-year-old Singaporean luxury brand to the American market.
Since the founding of Driftwood’s credit platform in August 2020 to March 2026, it has participated in approximately $2.4 billion in financing for hotels and sponsors across the country. Driftwood’s credit platform focuses on providing mezzanine loans and preferred equity for existing hospitality assets as well as ground-up hotel development projects in the United States.
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or investment advisory services.