CIM Group closes $63 million loan for Monterey Beach Hotel
Type: Financing · Technology: Hospitality · Country: United States · Value: $63M · Announced: 2026-05-26
CIM Group, on behalf of CIM-managed funds, closed a $63 million whole loan for the Monterey Beach Hotel in Monterey, California. The loan was provided to funds advised by Ascendant Capital Partners and Centerbridge Partners to refinance the 192-room, full-service premier oceanfront property. Located at 2600 Sand Dunes Drive, the hotel sits on three acres and features an outdoor swimming pool, fitness lab, three dining options, and 67,000 square feet of meeting space. This financing supports the continued operation and enhancement of a key hospitality asset on California’s Central Coast.
Analysis
CIM Group closed a $63 million whole loan for the Monterey Beach Hotel in Monterey, California, on behalf of CIM-managed funds. The loan was provided to funds advised by Centerbridge Partners and Ascendant Capital Partners to refinance the 192-room, full-service premier oceanfront property. CIM Group is a real assets manager with a strategic approach to investing in communities, focusing on real estate, infrastructure, and credit strategies. The loan supports the continued operation and enhancement of the hotel, which features an outdoor swimming pool, fitness lab, three dining options, and 67,000 square feet of meeting space. The deal was announced on 2026-05-26.
Key points
- $63 million loan
- 192-room Monterey Beach Hotel
- Centerbridge Partners and Ascendant Capital Partners as borrowers
- 67,000 square feet of meeting space
- Announced on 2026-05-26
Counterparties
- CIM Group (Lender)
- Ascendant Capital Partners (Borrower)
- Centerbridge Partners (Borrower)