CIM Group finalises $154m in hotel loans for three US properties

CIM Group has closed edifice loans totalling $154m crossed 3 properties successful California, Pennsylvania, and Florida, US.

The transactions were executed connected behalf of funds managed by CIM Group.

A $63m full indebtedness was arranged for Monterey Beach Hotel successful California. The refinancing installation was provided to funds advised by Ascendant Capital Partners and Centerbridge Partners.

Situated connected the Central Coast, the 192-room full-service edifice offers an outdoor swimming pool, 3 eating outlets, a lobby lounge with water views, and 67,000ft² of gathering and lawsuit space.

In Pittsburgh, Pennsylvania, CIM Group closed a $56m full indebtedness for the Kimpton Hotel Monaco Pittsburgh.

Provided to Marcus Hotels and Resorts and Searchlight Capital Partners, the installation refinances a 248-room upscale edifice that features 13 suites, 2 eating options, a fittingness centre, a rooftop lounge, and 11,300ft² of gathering space.

An further $35m full indebtedness was granted to the Artifact Group for the acquisition of Sheraton Suites Fort Lauderdale West successful Florida.

Located successful the West Broward/Plantation submarket of Fort Lauderdale, the 265-room all-suites edifice offers an all-day restaurant, barroom and lounge, a fittingness centre, a rooftop excavation with blistery tub, and 7,900ft² of gathering space.

Artifact Group intends to renovate impermanent rooms and corridors pursuing the acquisition.

CIM Group said the loans bespeak its ongoing absorption connected the hospitality industry, covering select-service and extended enactment properties arsenic good arsenic the full-service sector, and noted that this strategy was implemented successful 2023.

The institution manages lending solutions done its CIM Real Estate Debt Solutions business. It provides owe and mezzanine loans, arsenic good arsenic span and operation financing, to owners and developers of commercialized existent property successful large US markets.

Last month, CIM Group, Centennial Yards Company, and the Drew Company announced plans to present Virgin Hotel Atlanta to Centennial Yards, a $5bn, 50-acre municipality redevelopment task successful Downtown Atlanta, scheduled to unfastened successful 2027.

"CIM Group finalises $154m successful edifice loans for 3 US properties" was primitively created and published by Hotel Management Network, a GlobalData owned brand.

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