Acore Capital has participated in the recapitalisation of a $1.2bn (鈧�1.04bn) US hotel portfolio owned by hospitality real estate investment firm Driftwood Capital.
Driftwood said Acore provided $85m in preferred equity for its portfolio consolidation involving 18 Hilton, Marriott and Margaritaville-branded hotels across 10 US states.
The 4,203-key portfolio also secured a $330m securitised senior loan led by Wells Fargo, acting as agent for the financing.
Carlos Rodriguez Sr, chairman and CEO of Driftwood Capital, said: 鈥淭his portfolio brings together some of the highest quality assets we own and operate, creating a uniquely cohesive investment opportunity for our partners.
鈥淲e鈥檝e intentionally assembled this particular portfolio of assets to reflect strength in markets, performance and long-term fundamentals.鈥�
Carlos Rodriguez Jr, president and COO of Driftwood Capital, said: 鈥淲e see this portfolio as a blueprint for how we intend to invest and operate in the next cycle. It reflects our focus on building high-quality, strategically-located hotel portfolios 鈥� just like we did with our recent Space Coast Fund, which represented over $800m in assets.
鈥漈hese two transactions executed within months of each other represent over $2bn in recapitalisations of assets made to improve the returns of our investors. The long-term upside we see in these two collections is substantial. Our thesis going forward is to continue maximising value while strengthening fundamentals across the Driftwood platform.鈥�
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