MIAMI, Florida—Driftwood Capital 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 in the central business districts of Atlanta, Georgia, and Pittsburgh, Pennsylvania. 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, vice president of acquisitions, Driftwood Capital. “The Wylie Hotel has quickly become a staple in the Old Fourth Ward Neighborhood of Atlanta’s CBD.”
The 111-key Wylie Hotel delivers a boutique atmosphere with local dining through its Mrs. P’s Bar & Kitchen, providing event space. The 399-key Sheraton Pittsburgh Hotel offers approximately 29,000 square feet of meeting space and local dining with its Factory South Shore restaurant.
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, vice president of asset management, Driftwood Capital. “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.”
