CIM Group has closed $154 million in hotel loans for three properties, including a $63 million loan for the Monterey Beach Hotel, a Tribute Portfolio Hotel, in Monterey, CA; a $56 million loan for the Kimpton Hotel Monaco Pittsburgh; and a $35 million loan on the Sheraton Suites Fort Lauderdale West in Plantation, FL.
The Monterey Beach Hotel loan is a $63 million whole loan provided to funds advised by Ascendant Capital Partners and Centerbridge Partners LP, respectively, to refinance the 192-room full-service oceanfront property on California’s Central Coast. The hotel sits on three acres and features an outdoor pool, fitness lab with sauna and cold plunges, three dining options and 67,000 sq. ft. of indoor/outdoor meeting space.
The Kimpton Hotel Monaco Pittsburgh loan is a $56 million whole loan provided to Marcus Hotels & Resorts and Searchlight Capital Partners to refinance the 248-room upscale hotel, which includes 13 suites. Located in an area known as the Golden Triangle, the property offers two dining options, a fitness center, rooftop lounge and 11,300 sq. ft. of meeting space.
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 property is located 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 sq. ft. of meeting space. Artifact Group plans to undertake renovations to the guestrooms and corridors as part of its strategy to further enhance the asset and guest experience.
