CIM Group’s 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 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 hotel with 119,000 square feet of meeting space, a full-service restaurant, a business center, a grab-and-go market, a fitness center and a swimming pool. The building was originally constructed in 1926 as the Louisiana Masonic Temple with much of the original craftsmanship and architecture evident throughout. 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 close to the Ernest N. Morial Convention Center and attractions such as the French Quarter.
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. Whitman Peterson acquired the hotel in 2019 and completed a substantial renovation in 2020 including upgrades to guestrooms, common areas, dining spaces, banquet area and mechanical systems. The property has a full-service restaurant and cocktail lounge, an outdoor pool, a fitness center and a sundry shop. The hotel is close to major highways as well as public transportation connecting the property to commercial centers and downtown Philadelphia.