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 located in the central business districts of Atlanta and Pittsburgh.

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 acquired the independent Wylie Hotel in 2021,” said Tanya Zapata Sutcliffe, VP, acquisitions, Driftwood. “Following the acquisition, DAP rebranded the hotel into a Tapestry by Hilton in 2023. The Wylie Hotel has quickly become a staple in the Old Fourth Ward Neighborhood of Atlanta’s CBD.”

Starwood Mortgage Capital and Greystone Commercial Mortgage Capital have provided a 5-year, $34 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,” said Daniel Katz, VP, asset management, Driftwood. “[Following that was] a comprehensive $10-million renovation that updated nearly every aspect of the property. 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.”

The 399-key Sheraton Pittsburgh Hotel offers approximately 29,000 sq. ft. of meeting space and local dining at its Factory South Shore restaurant.

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