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.