CIM Group Closes $18.3 Million Loan for Acquisition of Residence Inn Salt Lake City Cottonwood
SALT LAKE CITY – March 11, 2024 – 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 an $18.3 million loan on behalf of a CIM-managed fund to PEG Companies for the acquisition of the Residence Inn Salt Lake City Cottonwood (“Residence Inn”).
PEG Companies, an owner and operator of seven Residence Inns, plans to transition operations to their in-house hotel management platform and execute a next-buyer PIP addressing guest rooms and common areas.
Built in 1999 and renovated in 2013, the Residence Inn is an all-suites extended stay hotel consisting of 144 guest rooms located at 6425 S. 3000 E in Salt Lake City near the city of Cottonwood. The two-building, three-story property provides guests with an indoor pool, fitness center, meeting space, and complimentary breakfast and parking.
The Residence Inn is the only extended stay hotel in the Cottonwood area and close to the nearby canyons which are popular visitor destinations. It is attractive to leisure travelers with its location nestled near the Wasatch Mountains and access to the area’s year-round recreation activities such as skiing and golf. In addition to leisure travelers, the Residence Inn is regularly utilized by nearby businesses and medical facilities as a convenient option for out-of-town employees and consultants, hospital patients, and family members providing another consistence source of bookings.
The loan for the Residence Inn continues CIM Group’s growth of its hospitality lending focus beyond the full-service sector, further expanding the capital commitment into the select and extended stay sector since 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 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.
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.