In Brief: CIM Group has closed $154 million in hotel loans for three properties located in California, Pennsylvania, and Florida.
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Kimpton Hotel Monaco Pittsburgh – Image Credit IHG Hotels & Resorts
CIM Group has closed $154 million in hotel loans on behalf of CIM-managed funds, including a $63 million loan for the Monterey Beach Hotel in Monterey, California; a $56 million loan for the Kimpton Hotel Monaco Pittsburgh in Pittsburgh, Pennsylvania; and a $35 million loan for the Sheraton Suites Fort Lauderdale West in Plantation, Florida.
The $63 million whole loan for the Monterey Beach Hotel was provided to funds advised by Ascendant Capital Partners and Centerbridge Partners, L.P. to refinance the 192-room property at 2600 Sand Dunes Dr. in Monterey. The hotel occupies three acres and features an outdoor swimming pool, a fitness lab with sauna and cold plunges, three dining options, including a lobby lounge with coastal views, and 67,000 square feet of indoor and outdoor meeting space.
The Kimpton Hotel Monaco Pittsburgh received a $56 million whole loan provided to Marcus Hotels and Resorts and Searchlight Capital Partners to refinance the 248-room hotel, which includes 13 suites. The property is located at 620 William Penn Place in the Golden Triangle area of Pittsburgh and offers two dining options, a fitness center, a rooftop lounge, and 11,300 square feet of meeting space.
The Sheraton Suites Fort Lauderdale West received a $35 million whole loan provided to the Artifact Group for the acquisition of the 265-room all-suites hotel at 311 N. University Drive in the West Broward/Plantation submarket of Fort Lauderdale. The hotel features an all-day restaurant, bar and lounge, fitness center, rooftop pool and hot tub, and 7,900 square feet of meeting space. Artifact Group plans renovations to the guest rooms and corridors.
These loans are part of CIM Group’s ongoing focus on hospitality-industry lending, including select-service, extended-stay, and full-service properties, a strategy implemented in 2023.
