90
DURHAM, N.C. — Driftwood Capital has purchased Marriott Raleigh Durham Research Triangle Park, a 225-room hotel located in North Carolina’s Research Triangle area. Built in 1988 at 4700 Guardian Drive in Durham, the hotel marks Driftwood’s third acquisition in the state. Franklin BSP Realty Trust originated a two-year loan with three one-year extension options for the acquisition on behalf of Driftwood Capital.
The buyer plans to implement $9 million of renovations at the property, with planned improvements including upgrades to the guest rooms, a new central air system and the introduction of amenities such as a lounge and expanded fitness center.