CIM Group Steps Up Hospitality Lending Program Closing $63.87 Million on Two Florida Hotels

CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today 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 I-4 corridor, convenient to the area’s many visitor attractions as well as the Orange County Convention Center.

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 in downtown Tampa. Located at 100 W. Kennedy Blvd, Aloft is one of only three hotels on Tampa’s popular Riverwalk. The hotel is walking distance to the business center and area attractions which positions the property as an appealing option for both leisure and business travelers.

CIM Group seeks to expand its hospitality lending focus beyond the full-service sector with a greater capital commitment for select and extended stay hotels. The company has observed that business and leisure travel is on the upswing as the economy has moved beyond COVID restrictions at the same time that lending capital for hotels is contracting. Travel for business has returned as well as for families vacationing beyond local destinations. These factors have encouraged travelers’ interest in and demand for mid-tier hotel options in markets across the country.

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 of CIM provide 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. In 2022 CIM Group and its affiliates have provided more than $3.8 billion of commercial real estate loans for property acquisitions, recapitalizations, and new construction projects across the U.S.

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. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.

New York-based real estate investment firm Newbond Holdings has acquired The Aloft Tampa Downtown, a 130-key hotel. The acquisition represents the third downtown Tampa hotel acquisition for Newbond Holdings in the last two years. Newbond also owns the Sheraton Tampa Riverwalk, which is next door to Aloft, as well as the Westin Tampa Waterside on Harbour Island. The new owners are planning a comprehensive renovation of the guest rooms, pool and all public areas. The Aloft, located in along the Hillsborough River, provides easy access to the Tampa Riverwalk and other downtown and local attractions. The hotel features meeting space, an outdoor pool, dining, the W XYZ® bar, and 24-hour fitness center.

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