CIM Group secures $154M in financing for three separate hotel properties located in California, Pennsylvania, and Florida.
CIM Group has finalized $154 million in whole loan financing across three hospitality assets. The portfolio includes a $63 million refinancing for the 192-room Monterey Beach Hotel in Monterey, CA, provided to Ascendant Capital Partners and Centerbridge Partners. In Pennsylvania, the firm provided $56 million to refinance the 248-room Kimpton Hotel Monaco Pittsburgh, held by Marcus Hotels & Resorts and Searchlight Capital Partners.
Additionally, CIM Group issued a $35 million loan to the Artifact Group to facilitate the acquisition of the 265-room Sheraton Suites Fort Lauderdale West in Plantation, FL. The Artifact Group intends to renovate the property's guestrooms and corridors as part of a broader asset enhancement strategy. The projects represent a diverse mix of refinancings and acquisitions across established coastal and urban markets.
Peachtree Group opens the 220-room TownePlace Suites by Marriott in Palmdale, California.
Slatt Capital secures $12.06 million in acquisition financing for a 200-unit, two-property hospitality portfolio in Rohnert Park.
Dreamscape Hospitality assumes management of the 299-room Delta Hotels by Marriott Ontario Airport in Ontario, California.
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