CIM Group announced it has closed $154 million in hotel loans across three hospitality properties, continuing the company’s focus on hospitality industry lending.
On behalf of CIM-managed funds, the company completed 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 Monterey Beach Hotel financing is a $63 million whole loan provided to funds advised by Ascendant Capital Partners and Centerbridge Partners to refinance the 192-room oceanfront hotel located on California’s Central Coast. The property spans three acres at 2600 Sand Dunes Drive and includes an outdoor swimming pool, fitness lab with sauna and cold plunges, three dining venues, and 67,000 square feet of indoor and outdoor meeting space.
CIM Group also provided a $56 million whole loan to Marcus Hotels and Resorts and Searchlight Capital Partners to refinance the 248-room Kimpton Hotel Monaco Pittsburgh, which includes 13 suites. Located in Pittsburgh’s Golden Triangle district at 620 William Penn Place, the upscale property serves both business and leisure travelers and features two dining venues, a fitness center, rooftop lounge, and 11,300 square feet of meeting space.
In Florida, CIM Group closed a $35 million whole loan for Artifact Group to acquire the 265-room Sheraton Suites Fort Lauderdale West. Located in the West Broward/Plantation submarket, the full-service hotel includes a restaurant, bar and lounge, fitness center, rooftop pool and hot tub, and nearly 8,000 square feet of meeting space. Artifact Group plans to renovate guest rooms and corridors as part of a broader enhancement strategy for the property.
The transactions reflect CIM Group’s broader hospitality lending strategy, which the company implemented in 2023 and includes investments in select-service, extended-stay, and full-service hotel properties.
Through its CIM Real Estate Debt Solutions platform, CIM Group provides bridge and construction financing through mortgage and mezzanine loans to commercial real estate owners and developers across major U.S. markets. The company said its lending strategy is informed by its experience as an owner, operator, and developer of commercial real estate assets.
CIM Group is a community-focused real estate and infrastructure owner, operator, lender, and developer. Since 1994, the company says it has delivered more than $60 billion of real estate and infrastructure projects across the Americas.
