CIM Group has closed $154 million in hotel financing across three hotel properties in California, Pennsylvania and Florida.
The transaction continues the Los Angeles, Calif.-based company’s lending activity in the sector through its real estate debt platform. The financing package includes a $63 million loan for the Monterey Beach Hotel in Monterey, Calif.; a $56 million loan for the Kimpton Hotel Monaco Pittsburgh in Pittsburgh, Pa.; and a $35 million loan for the Sheraton Suites Fort Lauderdale West in Plantation, Fla.
The Monterey Beach Hotel financing was structured as a 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 includes an outdoor swimming pool, fitness facilities with sauna and cold plunges, three food-and-beverage outlets and approximately 67,000 sq.-feet of indoor and outdoor meeting space.
CIM Group provided a $56 million whole loan to Marcus Hotels and Resorts and Searchlight Capital Partners for the refinancing of the 248-room Kimpton Hotel Monaco Pittsburgh. Located in the city’s Golden Triangle district, the hotel includes 13 suites, two dining venues, a rooftop lounge, fitness center and more than 11,000 sq.-feet of meeting space.
The third transaction involved a $35 million whole loan to Artifact Group for the acquisition of Sheraton Suites Fort Lauderdale West, a 265-room all-suite hotel in the West Broward/Plantation submarket. The hotel features an all-day restaurant, bar and lounge, fitness center, rooftop pool and approximately 7,900 sq.-feet of meeting space. Artifact Group plans to renovate guestrooms and corridors as part of a broader repositioning strategy.
CIM Group said the transactions reflect its continued focus on hospitality lending, including full-service, select-service and extended-stay properties, an expansion strategy the company initiated in 2023. Through its CIM Real Estate Debt Solutions platform, the company provides bridge and construction financing through mortgage and mezzanine loans for commercial real estate projects across major U.S. markets.