CIM Group Closes $154 Million Hotel Financing Across Three U.S. Assets

The transaction involves a hotel asset portfolio consisting of three properties located in Monterey, CA; Pittsburgh, PA; and Plantation, FL. The total loan amount secured for these properties is $154 million. The specific allocations include a refinance of $63 million for the 192-room Monterey Beach Hotel, $56 million for the 248-room Kimpton Hotel Monaco, and a $35 million acquisition loan for the 265-room Sheraton Suites Fort Lauderdale West.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $154,000,000
• Lender: Shaul Kuba, Richard Ressler & Avi Shemesh - CIM Group
• Landlord: Russell Gimelstob - Ascendant Capital Partners
• Landlord: Jeff Aronson - Centerbridge Partners
• Landlord: Michael Evans - Marcus Hotels & Resorts
• Landlord: Eric Zinterhofer, Erol Uzumeri & Oliver Haarmann - Searchlight Capital Partners
• Landlord: Gaurav Gupta - Artifact Group
• Market: Monterey CA; Pittsburgh, PA; Plantation, FL
• Keys: 705
• Loan Type: Refinance

This financing arrangement illustrates CIM Group's involvement in the hospitality sector, as they aim to capitalize on value-add opportunities through renovation plans at the Sheraton and enhanced amenity features across all three assets, which are strategically located in key markets.