Overview
International law firm McDermott Will & Emery represented an affiliate of Driftwood Capital as mezzanine lender in connection with a mezzanine loan in the principal amount of up to $19,900,000, made in conjunction with a mortgage loan in the principal amount of up to $60,400,000, for three hotels in June 2024:
- Blockade Runner Beach Resort located at 275 Waynick Blvd. in Wrightsville Beach, North Carolina.
- Highlands Inn Lodge located at 96 Log Cabin Lane in Highlands, North Carolina.
- Red Roof PLUS+ Williams – Grand Canyon located at 642 East Route 66 in Williams, Arizona.
Approximately $40,000,000 of the total loan proceeds will be used to renovate and upgrade the hotels.
McDermott also advised Driftwood Capital on four separate transactions in May 2024.
The McDermott team was led by Scott Weinberg with assistance from Themes Karalis, Bob Mower, Hayley Yandoli and Ed Pisacreta.
About McDermott
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective solutions that propel success. More than 1,400 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
