CIM Group announced that its CIM Real Estate Debt Solutions business closed an $18.3 million loan on behalf of a CIM-managed fund to PEG Companies for the acquisition of the Residence Inn Salt Lake City Cottonwood (Residence Inn).
PEG Companies, an owner and operator of seven Residence Inns, plans to transition operations to their in-house hotel management platform and execute a next-buyer PIP addressing guest rooms and common areas.
Built in 1999 and renovated in 2013, the Residence Inn is an all-suites extended-stay hotel consisting of 144 guest rooms located at 6425 S. 3000 E in Salt Lake City near the city of Cottonwood. The two-building, three-story property provides guests with an indoor pool, fitness center, meeting space, complimentary breakfast and parking.
The Residence Inn is the only extended-stay hotel in the Cottonwood area and is close to the nearby canyons, which are popular visitor destinations. It is attractive to leisure travelers with its loc
