With COVID hitting tourism and travel hard, hotels are struggling right now. The expectation is that many of them will need an injection of capital in Q4 and into 2021.
Driftwood Capital is attempting to fill that gap with a new Mezzanine Lending Fund. The privately held real estate firm specializing in hospitality investments intends to raise $100 million from investors to source mezzanine loans and preferred equity transactions in the hospitality sector.
"A prolonged downturn for hotels worldwide, along with dislocation in the traditional financial markets, has created a huge need for 'rescue capital' in the industry, and as experienced hoteliers, we have unique strength in this space," says Carlos Rodriguez Sr., CEO of Driftwood.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
