CIM Group announced that it has closed $154 million in hotel loans for three properties. On behalf of CIM-managed funds, CIM Group closed a $63 million loan for the Monterey Beach Hotel in Monterey, Calif., a $56 million loan for the Kimpton Hotel Monaco Pittsburgh in Pittsburgh, and a $35 million loan for the Sheraton Suites Fort Lauderdale West in Plantation, Fla.
The Monterey Beach Hotel loan is a $63 million whole loan provided to funds advised by Ascendant Capital Partners and Centerbridge Partners to refinance the 192-room, full-service premier oceanfront property on California’s Central Coast. The hotel, located at 2600 Sand Dunes Drive, 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 an
