$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.
“Our team was able to close the loan for Driftwood Capital in under 45 days despite a lot of moving pieces needing to be worked through,” said Rittner. “Cottonwood doesn’t shy away from timely investment opportunities and we are looking forward to working together again with Driftwood in the future.”
“This is an exciting addition to our portfolio and we are excited 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.