Driftwood Capital, a vertically integrated commercial real estate firm focused on hospitality, has provided financing as part of the refinancing of Raffles Boston Hotel & Residences, the first and only Raffles-branded hotel in the Western Hemisphere.
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,” Steiner said in a statement. “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.”
Raffles Boston Hotel & Residences is a mixed-use hospitality and residential development with 147 guestrooms as well as branded residences. Amenities include a three-story Sky Lobby, the Guerlain Spa with a 20-meter indoor pool, three on-site restaurants and bars, as well as the Raffles butler service. Opened in September 2023, the property is the first Raffles Hotels & Resorts property in the Americas.
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.