CIM Group Completes $31 Million Financing for Hotel Indigo Project
CIM Group Secures Major Financing for Hospitality Development
CIM Group has successfully finalized a significant loan for a notable hospitality venture. Their CIM Real Estate Debt Solutions division has executed a $31 million whole loan to an affiliate of CarrAmerica, aimed at refinancing the Hotel Indigo project. This hotel, located in a prime area, serves as a key asset within the evolving hospitality industry.
Hotel Indigo: A Prime Destination
Hotel Indigo Old Town is a remarkable five-story establishment featuring 120 well-appointed rooms, strategically nestled along the scenic Potomac River. The location is particularly appealing, as it sits adjacent to the bustling King Street retail corridor. This vibrant area is home to nearly 400 diverse retailers, ranging from local boutiques to well-known national brands, along with an array of dining options that cater to all tastes.
A Great Choice for All Travelers
This compact full-service hotel is designed to attract a variety of guests, including leisure travelers, corporate professionals, and government personnel. Its prime location enhances the experience for guests seeking both relaxation and connectivity to business centers, making it an ideal choice for many.
Collaboration with CarrAmerica
CarrAmerica, the developer behind Hotel Indigo Old Town, completed the hotel’s construction in 2017 and has since ensured that it meets high sustainability standards, achieving LEED silver certification. The hotel features a full-service restaurant, a welcoming lounge, a fitness center, flexible meeting spaces, and a convenient parking garage. CarrAmerica's experience in the industry is substantial, having developed over 11 million square feet of commercial and residential properties across the region.
CIM Group's Strategic Focus in Hospitality
This loan exemplifies CIM Group’s ongoing dedication to the hospitality sector. The company has not only focused on established full-service offerings but has also expanded its commitment to select and extended stay accommodations, which began in 2023. Such strategic moves are crucial as the hospitality market recovers and evolves.
Debt Solutions Tailored for Success
Through its CIM Real Estate Debt Solutions division, the company leverages its extensive background as both an owner and operator of premier commercial real estate. This unique approach to lending differentiates CIM Group from many typical debt providers, as they are equipped to offer a range of financing options tailored to meet the needs of owners and developers across significant markets.
Understanding CIM Group's Role in the Community
With a strong community-focused mission, CIM Group has been an active player in real estate and infrastructure development since 1994. Their commitment extends beyond simple transactions; they are dedicated to creating projects that enhance community value and well-being. CIM Group has managed to deliver over $60 billion in projects that have a lasting positive impact on communities throughout the Americas.
A Diverse Team Leading Development Efforts
The expertise of CIM Group lies within its diverse team. This group of professionals applies a disciplined and comprehensive approach to managing real assets, encompassing everything from initial due diligence through operational management and eventual disposition. Their experience and knowledge ensure that each project meets the highest standards of quality and sustainability.
Frequently Asked Questions
What loan amount did CIM Group secure for Hotel Indigo?
CIM Group finalized a loan amounting to $31 million for the refinancing of Hotel Indigo.
Where is Hotel Indigo Old Town located?
The hotel is situated on the Potomac River, adjacent to King Street retail corridor, which hosts numerous shops and dining establishments.
What amenities does Hotel Indigo offer?
Hotel Indigo features an all-day restaurant, lounge, fitness center, meeting spaces, and a parking garage for guests.
Who developed Hotel Indigo Old Town Alexandria?
The hotel was developed by CarrAmerica, which has extensive experience in developing properties in the region.
How is CIM Group involved in the hospitality sector?
CIM Group focuses on the hospitality industry, providing financing solutions through its Real Estate Debt Solutions division to support various hotel projects.
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