CIM Group Advances Hospitality Lending Focus Closing $73.5 Million for Two Hilton Brand Hotels in Louisiana and Pennsylvania

LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that its CIM Real Estate Debt Solutions business recently closed whole loans totaling $73.5 million for two Hilton branded hotels. On behalf of a CIM-managed fund, CIM Group closed a loan to a joint venture between affiliates of Certares Management and HRI Hospitality for the acquisition and renovation of the Hilton New Orleans / St. Charles Avenue in New Orleans, LA and to a joint venture between Whitman Peterson and Concord Hospitality to refinance the Alloy King of Prussia (a DoubleTree by Hilton) Hotel in King of Prussia, PA.

The Hilton New Orleans / St. Charles Avenue is a 252-key upscale hotel with 119,000 square feet of meeting space and provides guests with a host of amenities including a full-service restaurant, a business center, a grab-and-go market, a fitness center and a swimming pool. Located at 333 St. Charles Avenue, the building was originally constructed in 1926 as the Louisiana Masonic Temple with much of the original craftsmanship and architecture evident throughout, distinguishing the hotel in the market. Certares Management and HRI Hospitality plan to execute a comprehensive renovation including refreshing all guest rooms, lobby, meeting space and other public areas. The hotel is in a highly desirable location convenient to the Ernest N. Morial Convention Center and popular attractions such as the French Quarter making in an appealing choice for business and leisure travelers.

The Alloy King of Prussia (a DoubleTree by Hilton) is a nine-story, 327-room full-service hotel with 24,969 square feet of meeting and event space, located at 301 W. DeKalb Pike in King of Prussia, PA. Whitman Peterson acquired the hotel in 2019 and completed a substantial renovation in 2020 including upgrades to guest rooms, common areas, dining spaces, banquet area and mechanical systems. Guests can enjoy a full-service restaurant and cocktail lounge in addition to the morning breakfast, an outdoor pool, a fitness center and a sundry shop. The hotel is convenient to a network of major highways as well as public transportation connecting the property to commercial centers and downtown Philadelphia known for its rich history and abundant attractions. With the hotel’s location, services and amenities, it is attractive to both business and leisure travelers.

The loans demonstrate CIM Group’s continuing focus on the hospitality industry which includes select-service and extended stay properties in addition to the full-service sector, a strategy that CIM Group implemented in 2023. Earlier this year, CIM Group provided a $15.6 million whole loan for the acquisition of the 123-room, select-service Hilton Garden Inn Casper in Casper, WY.

Through its CIM Real Estate Debt Solutions business, CIM Group applies its broad experience as an owner, operator, and developer of high quality commercial real estate to its lending strategy and believes this helps differentiate the company from many other debt providers. Through mortgage and mezzanine loans, affiliates and managed funds, CIM Group provides bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.

To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/borrow.

About CIM Group

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. For more information, visit www.cimgroup.com.