Driftwood Capital has acquired the Marriott Raleigh Durham Research Triangle Park, a 225-key, full-service, upper-upscale hotel located in North Carolina’s Research Triangle area. The company will carry out an extensive renovation project to enhance numerous features throughout the hotel.
Franklin BSP Realty Trust originated a multimillion, two-year loan with three one-year extension options at a competitive interest rate.
“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,” said Carlos Rodriguez Sr., chairman/CEO, Driftwood Capital. “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.”
With a renovation budget of approximately $9 million, Driftwood is planning to upgrade the guestrooms, implement a central air system and introduce new amenities such as an expanded fitness center and an M Club lounge.
Built in 1988, the hotel is Driftwood’s third acquisition in North Carolina and its second within the Research Triangle. The property is anchored by hundreds of surrounding companies and found near Tier-1 research universities including Duke University, North Carolina State University and University of North Carolina. Approximately one mile west is the new Hub RTP development delivering new office, retail and multi-family space in a walkable master-planned destination that is expected to generate overflow demand for the hotel.
