Real Estate Weekly
Image default
Deals & Dealmakers

Cottonwood Group closes $104M acquisition & renovation loan for Scottsdale Resort Hotel

Cottonwood Group (Cottonwood), a private equity real estate investment firm, announced today the firm closed on a $104 million acquisition and renovation loan for The Scottsdale Resort at McCormick Ranch, a destination hotel located at 7700 E. McCormick Parkway in Scottsdale, Arizona acquired by Florida-based commercial real estate investment and development firm Driftwood Capital (Driftwood). Cottonwood Vice President of Investment Maxwell Rittner made the announcement.

“Cottonwood doesn’t shy away from timely investment opportunities,” said Rittner. “Our team was able to close the loan for Driftwood Capital in under 45 days despite a lot of moving parts and pieces. We look forward to working with the Driftwood team again in the future.”

“This is an exciting addition to our portfolio and we are thrilled to unlock the property’s full potential,” said Johannah Rodriguez, Managing Director of Acquisitions at Driftwood. “Timing was critical for our team in this acquisition and we are happy to be working with Cottonwood.”

Cottonwood offers the hospitality real estate community a complete solution—from acquisition, construction and bridge financing, predevelopment expertise, bonding capabilities and solving guarantee issues, to entitlements, design and construction management. Hospitality clients benefit from Cottonwood’s financing and purchasing power of up to $500 million per single or portfolio asset transaction.

The Scottsdale at McCormick Ranch is one of several hospitality projects the firm has invested in, including the $55 million land loan for Aloft Hotel in Hudson Yards, N.Y. and the $102 million transitional loan for The InterContinental Houston – Medical Center.

(Visited 1 times, 4 visits today)

Related posts

Jefferson Apartment Group Closes on Debut Deal in Charlotte, North Carolina

REW

Bridge Industrial Announces Formal Launch of its ESG Program

REW

NAI James E. Hanson Negotiates Sale of 22,000 Square-Foot Auto Retail Building in Hackensack’s Redevelopment Zone

REW