LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $90 million whole loan to Brookfield Asset Management to refinance Downright Austin, a Renaissance Hotel in downtown Austin.
Downright Austin is a 16-story, 367-room, top-tier full-service hotel located at 701 East 11th Street that is a popular destination for a diversified mix of demand, including corporate, education, government and leisure. Downright Austin amenities include a fitness center, outdoor pool, café, onsite bar and restaurant, indoor/outdoor event space, and valet and on-site parking. Under Brookfield Asset Management’s ownership, the hotel underwent a major renovation that included upgrades to all guest rooms, the expansion of the public spaces and improved amenities including the addition of Morning Bird, a breakfast and lunch cafe, and Swim Club, a poolside bar and restaurant. For accommodating meetings and events business, the hotel features 17,018 square feet of indoor meeting space and 13,000 square feet of outdoor event space. Following the completion of the renovation the hotel rebranded within Marriott’s brand system, going from Sheraton to a long-term franchise agreement under the Renaissance brand.
The hotel is located in Austin’s Innovation District, a hub of healthcare, technology and life sciences businesses, which is anchored by the University of Texas at Austin’s Dell Medical School, and it is located less than a mile from the Texas Capitol. Downright Austin is also convenient to the area’s many eateries, bars and live entertainment options including the Sixth Street Entertainment District, Rainey Street and the Mohawk, Waterloo and Stubbs concert venues. Guests at the hotel also have easy access to South Congress Avenue with its numerous art galleries, boutiques and music spots. Nearby Lady Bird Lake offers outdoor activities including kayaking and hiking.
The loan for Downright Austin continues CIM Group’s focus on the hospitality industry which includes high-quality and premium branded full-service properties, as well as an expanding capital commitment to the select and extended stay sector, a strategy CIM Group implemented in 2023. Downright Austin marks CIM Group’s seventh hotel investment 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 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.
