CIM Group Closes $154 Million in Hotel Loans on Three Properties Continuing Hospitality Industry Focus

CIM Group Closes $154 Million in Hotel Loans on Three Properties Continuing Hospitality Industry Focus

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.