CIM Group announced today that it has closed $154 million in hotel loans for three properties, demonstrating the company’s continued commitment to hospitality industry lending. On behalf of CIM-managed funds, CIM Group closed a $63 million loan on the Monterey Beach Hotel in Monterey, Calif., a $56 million loan on the Kimpton Hotel Monaco Pittsburgh in Pittsburgh, Penn., and a $35 million loan on the Sheraton Suites Fort Lauderdale West in Plantation, Florida.
The Monterey Beach Hotel loan is a $63 million whole loan provided to funds advised by Ascendant Capital Partners and Centerbridge Partners, L.P., respectively, to refinance the 192-room full service premier oceanfront property on California’s Central coast. The hotel, located at 2600 Sand Dunes Dr., sits on three acres and features an outdoor swimming pool, fitness lab with sauna and cold plunges, three dining options including a lobby lounge with sweeping coastal views and 67,000 square feet of indoor/outdoor meeting space.
The Kimpton Hotel Monaco Pittsburgh loan is a $56 million whole loan provided to Marcus Hotels and Resorts and Searchlight Capital Partners to refinance the 248-room upscale hotel, which includes 13 suites. Located at 620 William Penn Place in an area known as the Golden Triangle, the Kimpton Monaco is attractive to both business and leisure travelers. The hotel offers two dining options, a fitness center, rooftop lounge and 11,300 square feet of meeting space. Considered one of Downtown Pittsburgh’s most flexible luxury hotel options, its size and design allow for it to host large groups and conventions.
The Sheraton Suites Fort Lauderdale West loan is a $35 million whole loan provided to the Artifact Group to acquire the 265-room all suites, full-service hotel. The Sheraton Suites is located at 311 N. University Drive in the West Broward/Plantation submarket of Fort Lauderdale. The hotel offers an all-day restaurant and bar and lounge, fitness center, rooftop pool and hot tub and 7,900 square feet of meeting space. Artifact Group plans to undertake renovations to the guest rooms and corridors as part of its strategy to further enhance the asset and guest experience.
These significant loans are representative of CIM Group’s ongoing focus on the hospitality industry which includes select-service and extended stay properties in addition to the full-service sector, a strategy that CIM Group implemented in 2023.
Through its CIM Real Estate Debt Solutions business, CIM Group applies its broad experience as an owner, operator, and developer of high quality commercial real estate to its lending strategy and believes this helps differentiate the company from many other debt providers. Through mortgage and mezzanine loans, affiliates and managed funds, CIM Group provides bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers and other sponsor entities to offer an array of lending solutions.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/borrow.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. For more information, visit www.cimgroup.com.
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