CIM Group steps up hospitality lending program closing $63.87m on two Florida hotels
CIM Group announced that its CIM Real Estate Debt Solutions business closed on behalf of a CIM managed fund a $34.97 million senior loan to a joint venture between Monarch Alternative Capital and HHM Hotels secured by the dual-branded Aloft/Element hotel in Orlando and a $28.9 million whole loan to Newbond Holdings secured by the Aloft in Tampa.
The dual-branded Marriott hotel combines the contemporary and casual Aloft brand (144 keys) with the extended-stay Element brand (140 keys). Completed in 2021 and located at 5730 and 5750 Central Florida Parkway in Orlando, the property offers modern select-service hotel options in this popular destination and is centrally located along the Interstate 4 corridor.
Aloft Tampa Downtown is a 130-key hotel opened in 2014. The hotel is a creative adaptive reuse of a former office building originally constructed in 1965. A comprehensive redevelopment transformed the property into a modern select-service hotel with a premier location