CIM Group Closes $154 Million in Hotel Loans Across Monterey, Pittsburgh and Fort Lauderdale

LOS ANGELES — CIM Group announced May 26, 2026, that it has closed $154 million in hotel loans across three properties, continuing the firm's focus on hospitality real estate debt. The transactions, executed on behalf of CIM-managed funds, span a 192-room oceanfront property in Monterey, Calif., a 248-room hotel in Downtown Pittsburgh, and a 265-room all-suites hotel in Plantation, Fla.

The three deals — totaling $154 million in whole loan commercial real estate financing — reflect CIM Group's hospitality lending strategy, which the firm formalized in 2023, targeting full-service, select-service and extended-stay properties through its CIM Real Estate Debt Solutions platform.

Monterey Beach Hotel: $63 Million Refinancing on California's Central Coast

The largest of the three loans is a $63 million whole loan provided to funds advised by Ascendant Capital Partners and Centerbridge Partners, L.P. to refinance the Monterey Beach Hotel at 2600 Sand Dunes Dr. in Monterey, Calif. The 192-room, full-service property sits on approximately three acres along the California Central Coast and is described as a premier oceanfront hotel.

The property features an outdoor swimming pool, a fitness lab with sauna and cold plunges, three dining options including a lobby lounge with coastal views, and 67,000 square feet of indoor and outdoor meeting space. The announcement describes the property as a full-service premier oceanfront hotel.

Kimpton Hotel Monaco Pittsburgh: $56 Million Refinancing in the Golden Triangle

CIM Group also closed a $56 million whole loan provided to Marcus Hotels and Resorts and Searchlight Capital Partners to refinance the Kimpton Hotel Monaco Pittsburgh, a 248-room upscale hotel located at 620 William Penn Place in Pittsburgh's Golden Triangle. The property includes 13 suites, two dining outlets, a fitness center, a rooftop lounge and 11,300 square feet of meeting space.

The announcement describes the Kimpton Monaco as one of Downtown Pittsburgh's most flexible luxury hotel options, with a size and design that accommodates large groups and conventions. The hotel is noted as attractive to both business and leisure travelers.

Sheraton Suites Fort Lauderdale West: $35 Million Acquisition Financing

The third transaction is a $35 million whole loan provided to the Artifact Group to acquire the Sheraton Suites Fort Lauderdale West, a 265-room all-suites, full-service hotel at 311 N. University Drive in the West Broward/Plantation submarket of Fort Lauderdale. Unlike the other two loans, this transaction finances an acquisition rather than a refinancing.

The property includes an all-day restaurant, a bar and lounge, a fitness center, a rooftop pool and hot tub, and 7,900 square feet of meeting space. Artifact Group has indicated plans to renovate guest rooms and corridors as part of its strategy to further enhance the asset and guest experience.

CIM's Hospitality Debt Strategy

CIM Group described the three loans as representative of its ongoing focus on the hospitality sector. "These significant loans are representative of CIM Group's ongoing 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," the firm stated in its announcement.

Through its CIM Real Estate Debt Solutions business, the firm provides bridge and construction financing via mortgage and mezzanine loans to owners and developers of commercial real estate across major U.S. markets. CIM Group states that its background as an owner, operator and developer of commercial real estate differentiates its lending approach.

Founded in 1994 and headquartered in Los Angeles, CIM Group describes itself as a community-focused real estate and infrastructure owner, operator, lender and developer, with more than $60 billion in real estate and infrastructure projects delivered across the Americas.

Sources

CIM Group Press Release — May 26, 2026