LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that it has sold the recently completed 286 guest room hotel developed as part of its mixed-use Sunset La Cienega project located at the epicenter of the Sunset Strip in West Hollywood. The hotel is comprised of two 10-story towers on the southeast corner of Sunset and La Cienega Boulevards. The sale follows the recent disposition of the adjacent 8500 Sunset residential complex with 190 residences in two eight-story buildings. CIM is retaining ownership of the prominent 42,000 square feet of street level retail at 8500, of which 22,000 square feet has been leased to Fred Segal for its new flagship store set to open this fall.
The hotel is constructed on one of two parcels CIM acquired in November 2011 comprising the Sunset La Cienega mixed-use development. Situated at the apex of Sunset and La Cienega Boulevards, the project spans the southwest and southeast corners and totals approximately 500,000 square feet. It features plazas and public spaces designed to enhance the pedestrian experience on the Sunset Strip.
CIM developed this boutique, world-class hotel to bring a distinctive luxury option to this unparalleled location that will be an appealing destination for the region’s substantial number of leisure and business travelers. The hotel offers spectacular views of the Los Angeles area, two restaurants, rooftop and lobby bars and approximately 10,000 square feet of meeting space.
Guests are steps away from the Sunset Strip’s premier array of quality retail, dining and entertainment venues. Among the top-tier retail offerings will be a flagship Fred Segal at CIM’s 8500 Sunset retail. Fred Segal will bring a collection of carefully selected retailers offering the best brands and operators across the major retail categories including fashion, accessories, fragrance and beauty products, beauty and health services, furniture and home interior items.
Headquartered in Los Angeles, CIM is an investor in communities throughout North America. CIM identified the nearby city of West Hollywood as an urban district that meets the firm’s strategic investment guidelines and made its first investment in the city in 2005. Since then, it has acquired and developed a portfolio of properties in West Hollywood that includes office, retail, studios and multifamily residential uses.
About CIM Group
Established in 1994, CIM is a leading partner for global institutional investors seeking to invest in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilized, and value-add real estate, real estate debt, and infrastructure. CIM’s broad expertise includes in-house research, acquisition, investment, development, finance, leasing and property management capabilities. Headquartered in Los Angeles, CIM maintains regional offices in New York City, Oakland, CA, Bethesda, MD, and Dallas. For more information, please visit www.cimgroup.com.