Driftwood Capital has secured the $60.5 million refinancing of Margaritaville Lake Resort, Lake of the Ozarks.
The five-year loan includes full-term interest only payments at what Driftwood describes as a “competitive” interest rate.
The property is a 520-key resort located in Osage Beach, Missouri.
The closing comes after the firm’s recent $60 million refinancing of the Hilton Cocoa Beach on Florida’s Space Coast.
Driftwater arranged the financing through Goldman Sachs Bank USA and Starwood Mortgage Capital.
What they said
Carlos Rodriguez, Jr, president and COO at Driftwood Capital, said: "We are excited to collaborate with our lending partners to refinance Margaritaville Lake Resort Lake of the Ozarks. The $60.5 million loan enables us to unlock tremendous value for our investors. Since acquiring and repositioning the iconic Tan-Tar-A Resort into a Margaritaville hotel, we have increased revenue by more than 50%, significantly outperforming our underwriting and solidifying our belief in the lifestyle concept."