DURHAM, NC (May 2, 2024) – Driftwood Capital (“Driftwood”), a vertically integrated commercial hospitality real estate firm, announces the acquisition of the Marriott Raleigh Durham Research Triangle Park (“Hotel”), a 225-key full-service, upper-upscale hotel located in North Carolina’s prestigious Research Triangle area. Driftwood will carry out an extensive renovation project to enhance numerous features throughout the Hotel.
Franklin BSP Realty Trust originated a multimillion, two-year loan with three one-year extension options at a competitive interest rate.
“The acquisition of Marriott Raleigh Durham Research Triangle Park marks a significant milestone for Driftwood Capital as we expand into one of the nation’s most dynamic markets,” said Carlos Rodriguez, Sr., Chairman & CEO of Driftwood Capital. “Our renovation plans for Marriott Raleigh Durham Research Triangle Park reflect our commitment to excellence and value-add strategies in hospitality. By enhancing guest amenities and modernizing facilities, we aim to position the property as a top choice for discerning travelers visiting the Research Triangle.”
With a renovation budget of approximately $9 million, Driftwood is poised to transform the Hotel into a premier destination for business and leisure travelers alike. Scheduled renovations include upgrades to guest rooms, implementing a central air system, and introducing new amenities such as an expanded fitness center and a premium M Club lounge.
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 found near Tier-1 research universities including Duke University, North Carolina State University, and University of North Carolina. Approximately one mile west of the Hotel, the new Hub RTP development is delivering new office, retail and multifamily space in a walkable master-planned destination that is expected to generate overflow demand for the Hotel.
Driftwood investment strategies include hospitality acquisition, development, and lending. Award-winning properties in its portfolio include the Canopy Tempe and Canopy West Palm Beach; the Wylie Hotel in Atlanta; the Marriott Mission Valley in San Diego; and the Margaritaville Lake of the Ozarks. Driftwood is also developing the approximately $410 million Westin Cocoa Beach project in Cocoa Beach, FL and the approximately $267 million mixed-use, Opportunity Zone Riverside Wharf project, which will be anchored by a Dream Hotel in Downtown Miami, FL.
