CIM Group has closed hotel loans totalling $154m across three properties in California, Pennsylvania, and Florida, US.
The transactions were executed on behalf of funds managed by CIM Group.
A $63m whole loan was arranged for Monterey Beach Hotel in California. The refinancing facility was provided to funds advised by Ascendant Capital Partners and Centerbridge Partners.
Situated on the Central Coast, the 192-room full-service hotel offers an outdoor swimming pool, three dining outlets, a lobby lounge with ocean views, and 67,000ft² of meeting and event space.
In Pittsburgh, Pennsylvania, CIM Group closed a $56m whole loan for the Kimpton Hotel Monaco Pittsburgh.
Provided to Marcus Hotels and Resorts and Searchlight Capital Partners, the facility refinances a 248-room upscale hotel that features 13 suites, two dining options, a fitness centre, a rooftop lounge, and 11,300ft² of meeting space.
An additional $35m whole loan was granted to the Artifact Group for the acquisition of Sheraton Suites Fort Lauderdale West in Florida.
Located in the West Broward/Plantation submarket of Fort Lauderdale, the 265-room all-suites hotel offers an all-day restaurant, bar and lounge, a fitness centre, a rooftop pool with hot tub, and 7,900ft² of meeting space.
Artifact Group intends to renovate guest rooms and corridors following the acquisition.
CIM Group said the loans reflect its ongoing focus on the hospitality industry, covering select-service and extended stay properties as well as the full-service sector, and noted that this strategy was implemented in 2023.
The company manages lending solutions through its CIM Real Estate Debt Solutions business. It provides mortgage and mezzanine loans, as well as bridge and construction financing, to owners and developers of commercial real estate in major US markets.
Last month, CIM Group, Centennial Yards Company, and the Drew Company announced plans to introduce Virgin Hotel Atlanta to Centennial Yards, a $5bn, 50-acre urban redevelopment project in Downtown Atlanta, scheduled to open in 2027.
“CIM Group finalises $154m in hotel loans for three US properties” was originally created and published by Hotel Management Network, a GlobalData owned brand.
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