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Hilton New Orleans / St. Charles Avenue – Image Credit Hilton
CIM Group has closed $73.5 million in loans for Hilton hotels located in New Orleans, Louisiana, and King of Prussia, Pennsylvania.
CIM Group announced the closure of whole loans totaling $73.5 million through its CIM Real Estate Debt Solutions business, aimed at financing Hilton-branded hotels in New Orleans, Louisiana, and King of Prussia, Pennsylvania. The loans were issued on behalf of a CIM-managed fund to support a joint venture between Certares Management and HRI Hospitality for the acquisition and renovation of the Hilton New Orleans / St. Charles Avenue, and a joint venture between Whitman Peterson and Concord Hospitality for refinancing the Alloy King of Prussia (a DoubleTree by Hilton) Hotel.
The Hilton New Orleans / St. Charles Avenue, located at 333 St. Charles Avenue, is a 252-room hotel featuring 119,000 square feet of meeting space. Originally constructed in 1926 as the Louisiana Masonic Temple, the property maintains much of its historical architecture. The joint venture plans comprehensive renovations, including updates to guest rooms, the lobby, meeting spaces, and other public areas. The hotel is located near the Ernest N. Morial Convention Center and the French Quarter, making it accessible to both business and leisure travelers.
In King of Prussia, Pennsylvania, the Alloy King of Prussia (a DoubleTree by Hilton) Hotel is a nine-story facility with 327 rooms and 24,969 square feet of meeting and event space. Located at 301 W. DeKalb Pike, the hotel underwent significant renovations in 2020, following its acquisition by Whitman Peterson in 2019. The upgrades included enhancements to guest rooms, common areas, dining spaces, and mechanical systems. The hotel offers a full-service restaurant, a cocktail lounge, an outdoor pool, a fitness center, and a sundry shop. Its location provides convenient access to major highways and public transportation, connecting guests to commercial centers and downtown Philadelphia.
These loans are part of CIM Group’s ongoing strategy to focus on the hospitality sector, which encompasses select-service, extended-stay, and full-service properties. Earlier this year, CIM Group issued a $15.6 million loan for the acquisition of the Hilton Garden Inn Casper in Wyoming, further demonstrating its commitment to the industry.
