Driftwood Capital Closes $138.7M Financing Package for Two Colorado Resort Hotels
ESTES PARK, COLO. — Driftwood Capital has arranged a $138.7 million financing package for two resort hotels in Estes Park on behalf of Grand Heritage Hotel Group.
The proceeds will cover the refinancing of the historic Stanley Hotel, along with the acquisition of the nearby Fall River Village Resort, an 89-room lodge.
Originally build in 1902 and most recently updated in 2018, the Stanley Hotel is located at 333 E. Wonderview Ave. Situated on 68 acres, the property features 14 buildings with four lodging options comprising 192 guest rooms and 31 condominium units. Built in 2000 and renovated in 2018, Fall River Village Resort is located at 200 Filbey Court.
Driftwood contributed a $24.3 million mezzanine loan through its lending fund, Driftwood Lending Partners, behind a $114.4 million senior financing package originated by a major life insurance company. The borrower will use a portion of the proceeds, $6.9 million, toward renovations of the Stanley Hotel in early 2022, including conversion of the ballroom to a restaurant; bathroom updates in the hotel’s main building; improvements to the presidential cottage; and investments in several new food and beverage venues and related amenities.