Driftwood Capital buys Sheraton Old San Juan hotel, rebranding it to Marriott
Driftwood Capital, commercial real estate investment, development and lending platform specializing in hospitality, has acquired the Sheraton Old San Juan, a 240-room hotel and 27,500-square-foot retail complex in Old San Juan, it announced.
The financial terms of the deal were undisclosed, News is my Business confirmed.
“Driftwood intends to undertake a full-scale renovation of the property and convert it to a Tribute By Marriott — making it the only branded hotel in the historic district,” company executives said.
It will be managed by Driftwood Capital’s sister company, Driftwood Hospitality Management.
As part of the renovation, Driftwood will also unveil a new concept for the hotel’s second-floor restaurant, which overlooks Old San Juan Harbor, with the goal of creating “a vibrant social scene that will draw in both hotel guests and cruise ship visitors.”
The Sheraton Old San Juan consists of the main building — a nine-story, 180,739-square-foot property with 240 rooms, including 44 suites, 10 meeting rooms totaling 9,114 square feet, a rooftop pool, a business center, a fitness center, and two restaurants.
In addition, the property includes a two-story, 27,500-square foot retail complex, which is home nationally recognized tenants, including Walgreens, Senor Frogs, Harley Davidson, and Nespresso.
Driftwood Capital acquired the property from Tishman Realty, which purchased the hotel in 2004, renovated it and re-flagged it as a Sheraton. The property, which was again upgraded in 2018, was offered to the new owner “unencumbered of brand and management.”