CIM Group Closes $15.6 Million Loan to Ad Astra Capital for Hilton Garden Inn in Casper, WY
LOS ANGELES—February 19, 2025—CIM Group announced today that its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $15.6 million whole loan to Ad Astra Capital for the acquisition of the Hilton Garden Inn Casper in Casper, Wyoming.
Hilton Garden Inn Casper is a four-story, 123-room, select-service hotel located at 1150 N. Poplar St. in central Wyoming. Hotel amenities include a fitness center, indoor pool, 3,000 square feet of business and meeting space, lobby lounge and the Garden Grille & Bar, an on-site restaurant. The property, built in 2008, underwent a comprehensive $6.3 million renovation ($51,000 per key) under previous ownership that included upgrades to guest rooms, meeting space, and amenities. The renovations were completed in October 2024.
Guests benefit from the hotel’s location within close proximity to Ford Wyoming Center, the largest event venue in the state with up to 9,700 seats that hosts concerts, conventions, and sports and trade shows. Hilton Garden Inn Casper is also situated conveniently near WYO Sports Ranch, a 131,000-square-foot indoor sports complex for youth and adult sports, as well as Crossroads Park baseball and softball fields and the North Platte River, known for its recreational activities such as destination fishing, boating, and walkable trails.
The loan demonstrates 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.
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.