CIM Group has revealed that its CIM Real Estate Debt Solutions business recently closed loans totaling $73.5 million for two Hilton-branded hotels.
On behalf of a CIM-managed fund, the company closed a loan to a joint venture between affiliates of Certares Management and HRI Hospitality for the acquisition and renovation of the Hilton New Orleans/St. Charles Avenue in New Orleans and to a joint venture between Whitman Peterson and Concord Hospitality to refinance the Alloy King of Prussia – a DoubleTree by Hilton in King of Prussia, PA.
The Hilton New Orleans/St. Charles Avenue is a 252-key upscale hotel with 119,000 sq. ft. of meeting space, a full-service restaurant, a business center, a grab-and-go market, a fitness center and a swimming pool. The building was originally constructed in 1926 as the Louisiana Masonic Temple with much of the original craftsmanship and architecture evident throughout. Certares Management and HRI Hospitality plan to execute a comprehensive renovation including refreshing all guestrooms, the lobby, meeting space and other public areas. The hotel is located close to the Ernest N. Morial Convention Center and the French Quarter.
The Alloy King of Prussia is a nine-story, 327-room full-service hotel with 24,969 sq. ft. of meeting and event space. Whitman Peterson acquired the hotel in 2019 and completed a substantial renovation in 2020, including upgrades to guestrooms, common areas, dining spaces, banquet area and mechanical systems. Amenities include a full-service restaurant and cocktail lounge, in addition to the morning breakfast, an outdoor pool, a fitness center and a sundry shop. It is near a network of major highways and public transportation connecting the property to commercial centers and downtown Philadelphia.
