Driftwood Capital, a vertically integrated commercial hospitality real estate firm, acquired the Marriott Raleigh Durham Research Triangle Park, a 225-key full-service, upper-upscale hotel located in North Carolina’s Research Triangle area. Franklin BSP Realty Trust originated a multi-million, two-year loan with three one-year extension options at a competitive interest rate. Other terms were not disclosed.
Driftwood will carry out an extensive renovation project to enhance numerous features throughout the hotel. With a renovation budget of approximately $9 million, Driftwood has scheduled renovations that include upgrades to guestrooms, implementing a central air system, and introducing new amenities such as an expanded fitness center and a premium M Club lounge.
"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," Chairman and CEO Carlos Rodriguez, Sr., said in a statement. "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."
Built in 1988, the hotel is Driftwood’s third acquisition in North Carolina and its second within the Research Triangle. The hotel is anchored by surrounding companies and found near Tier-1 research universities including Duke University, North Carolina State University and the University of North Carolina. Approximately one mile west of the hotel, the new Hub RTP development is delivering new office, retail and multi-family space in a walkable master-planned destination that is expected to generate overflow demand for the hotel.