CIM Makes LA, NYC Sales As It Zeroes In On Tower Financing

Law360, New York (May 30, 2012, 7:35 PM EDT) -- Real estate investor CIM Group is reportedly in talks to sell the Renaissance Hollywood Hotel in Los Angeles and an 11,400-square-foot vacant lot in Manhattan as it moves toward closing on equity and debt financing for a new residential tower in Midtown, according to reports published Wednesday.

California-based CIM Group has agreed to sell the Renaissance Hollywood, under the Marriott flag, to New York hospitality company Loews Hotels & Resorts for an undisclosed amount, according to The Wall Street Journal.

In a separate deal, CIM Group...
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