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CIM Group to Sell Hotel as it Nears Financing for NY Project

NEW YORK CITY-CIM Group is selling a Hollywood hotel as well as a downtown Manhattan parcel as it nearing financing for its $1.2-billion development on Park Avenue.

By GlobeSt News Hub | Updated on May 29, 2012

NEW YORK CITY-CIM Group is selling a Hollywood hotel as well as a downtown Manhattan parcel as it nearing financing for its $1.2-billion development on Park Avenue. The company is expected to close on the financing in June for its 1,395-foot residential tower in Midtown.

CIM has agreed to dispose of the Renaissance Hollywood Hotel to New York-based Loews Hotels & Resorts for an undisclosed price and sell an 11,400-square-foot lot on Sullivan Street for about $30 million to Property Markets Group and Madison Equities. For the full story, go to Wall Street Journal .

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