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Downright Austin is a 16-story, premium branded, full-service hotel located in the heart of Austin¡¯s Innovation District ¨C a popular destination for business, government, education, and leisure travelers. With 367 rooms, Downright Austin also boasts amenities that include a fitness center, outdoor pool, caf¨¦, onsite bar and restaurant, event space, and valet and on-site parking.

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The current owner executed a $51.2 million renovation that wrapped in April 2024. Enhancements included guest room upgrades, public space expansions and improved amenities, such as the addition of Morning Bird, a breakfast and lunch cafe, and Swim Club, a poolside bar and restaurant.

Investing in Hospitality

In December 2024, CIM Real Estate Debt Solutions closed a $90 million whole loan enabling the borrower to refinance Downright Austin. The CIM Real Estate Debt Solutions business focuses on originating loans secured by high-quality real estate assets throughout the United States, leveraging CIM¡¯s in-house real estate, development and construction expertise.

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The loan for Downright Austin illustrates our continued focus on the hospitality industry, including high-quality and premium branded full-service properties, as well as an expanding capital commitment to the select and extended stay sector. Downright Austin marks our seventh hotel investment since 2023.

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Appealing Characteristics
We believe Downright Austin features several appealing characteristics, including the following:

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• Over the last five years, Austin topped the list for corporate headquarters relocations in the US with 66 companies relocating.¹
• The hotel is proximate to primary demand generators such as the University of Texas, the Texas State Capitol, the Red River Cultural District, corporate offices, and the Innovation District.
• The hotel¡¯s owner is an experienced institutional investor with a strong track record in the hospitality sector.

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The CIM Advantage

Thanks to the vertically integrated expertise of our in-house teams, CIM Real Estate Debt Solutions was able to secure this investment opportunity for our credit platform. This breadth of experience has empowered CIM to originate loans on high-quality real estate assets to help benefit our clients and communities.