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Credit Case Study

Downright Austin

Austin, Texas

Refinancing a Recently Renovated Full-Service Hotel Project

Downright Austin is a 16-story, premium branded, full-service hotel located in the heart of Austin’s Innovation District – a popular destination for business, government, education, and leisure travelers. With 367 rooms, Downright Austin also boasts amenities that include a fitness center, outdoor pool, café, onsite bar and restaurant, event space, and valet and on-site parking.

The current owner executed a $51.2 million renovation that wrapped in April 2024. Enhancements included guest room upgrades, public space expansions and improved amenities, such as the addition of Morning Bird, a breakfast and lunch cafe, and Swim Club, a poolside bar and restaurant.

Downright Austin

Investing in Hospitality

In December 2024, CIM Real Estate Debt Solutions closed a $90 million whole loan enabling the borrower to refinance Downright Austin. The CIM Real Estate Debt Solutions business focuses on originating loans secured by high-quality real estate assets throughout the United States, leveraging CIM’s in-house real estate, development and construction expertise.

The loan for Downright Austin illustrates our continued focus on the hospitality industry, including high-quality and premium branded full-service properties, as well as an expanding capital commitment to the select and extended stay sector. Downright Austin marks our seventh hotel investment since 2023.

Appealing Characteristics
We believe Downright Austin features several appealing characteristics, including the following:

  • Over the last five years, Austin topped the list for corporate headquarters relocations in the US with 66 companies relocating.1
  • The hotel is proximate to primary demand generators such as the University of Texas, the Texas State Capitol, the Red River Cultural District, corporate offices, and the Innovation District.
  • The hotel’s owner is an experienced institutional investor with a strong track record in the hospitality sector.

The CIM Advantage

Thanks to the vertically integrated expertise of our in-house teams, CIM Real Estate Debt Solutions was able to secure this investment opportunity for our credit platform. This breadth of experience has empowered CIM to originate loans on high-quality real estate assets to help benefit our clients and communities.

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  1. CBRE December 2023 Report – The Shifting Landscape of Headquarters Relocations: Trends and Outlook.

Example case studies are shown to illustrate capabilities within the strategy. There is no guarantee that any strategy objectives will be met or that past results will be replicated.

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