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Driftwood Provides Financing for Texas’s Largest Hotel
Driftwood Capital, through its lending fund Driftwood Lending Partners, LP, it has provided $35 million in mezzanine financing for the refinancing of the Sheraton Dallas hotel, Texas’s largest hotel with 1,841 keys. The mezzanine loan is part of a broader refinancing by the borrower, a joint venture sponsored by Chartres Lodging Group.
The transaction includes the full replacement of a 2024 $270 million CMBS loan with a new $300 million senior loan originated by Goldman Sachs and JPMorgan Chase Bank. In tandem, DLP upsized its original $30 million mezzanine loan to $35 million. The two-year loan includes three one-year extension options.
The Sheraton Dallas hotel, built in 1959, includes more than 230,000 square feet of meeting and pre-function space, five onsite restaurants, 113 meeting rooms, and 1,100 parking spaces with a suite of full-service amenities.
- ◦Financing
