CIM Group Finalizes $90 Million Loan for Renaissance Hotel in Downtown Austin
CIM Group, through its CIM Real Estate Debt Solutions business and on behalf of a CIM-managed fund, has closed a $90 million loan to Brookfield Asset Management for the refinancing of Downright Austin, a Renaissance Hotel located in the heart of Austin, Texas.
The 16-story, 367-room upscale hotel, situated at 701 East 11th Street, caters to diverse clientele, including corporate, education, government, and leisure travelers. Amenities include a fitness center, outdoor pool, café, bar, restaurant, extensive indoor and outdoor event spaces, and valet and on-site parking.
Under Brookfield Asset Management, the property underwent a comprehensive renovation that modernized guest rooms, expanded public spaces, and upgraded amenities. These improvements introduced Morning Bird café and Swim Club, a poolside bar and restaurant, alongside enhanced meeting and event spaces, which now feature 17,018 square feet indoors and 13,000 square feet outdoors. The property transitioned from the Sheraton brand to a Renaissance Hotel under a long-term franchise agreement with Marriott following the renovation.
Located within Austin’s Innovation District, the hotel is close to the University of Texas at Austin’s Dell Medical School, the Texas Capitol, and numerous dining and entertainment options, including Sixth Street, Rainey Street, and South Congress Avenue. Its proximity to Lady Bird Lake provides guests with access to outdoor activities such as kayaking and hiking.
The loan is part of CIM Group’s broader strategy to invest in high-quality, premium-branded, full-service hospitality properties, as well as expanding into the select and extended-stay sectors—a focus introduced in 2023. Since then, Downright Austin marks CIM Group’s seventh hotel investment.
Leveraging its expertise as a developer, owner, and operator of commercial real estate, CIM Real Estate Debt Solutions offers tailored financing solutions through mortgage and mezzanine loans, supporting borrowers with bridge and construction financing in key U.S. markets.
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.
