Company: CMCT
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0000908311-25-000017
Chunk: 141

Company: Creative Media & Community Trust Corp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 141
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 land parcel. The site is being evaluated for potential multifamily development and currently is being utilized as a surface parking lot. 

(7)The Company owns approximately 44% of the property through a joint venture partnership (the “1910 Sunset JV”). The 1910 Sunset JV has begun construction to build 36 multifamily units on the 1915 Park Avenue land parcel adjacent to the office building (the “1915 Park Project”). The 1915 Park Project is expected to be completed by the third quarter of 2025 and to cost approximately $14.7 million (excluding the land acquisition cost), the Company’s share of which is expected to be $6.5 million. 

(8)Currently being utilized as a parking lot. The Company is evaluating future development options, including hotel development.

(9)The Company is evaluating the property for potential future multifamily development.

(10)Net of rent concessions granted in the specified period, monthly rent per occupied unit for the total portfolio was $2,319.

Hotel Portfolio Summary as of December 31, 2024

Revenue Per%AvailablePropertyMarketRoomsOccupied (1)RoomSheraton Grand Hotel (2)Sacramento, CA505 67.2 %$135.90 Total Hotel (1 Property)505 67.2 %$135.90 

Other Ancillary Property within Hotel Portfolio

RentableAnnualizedSquare%%Rent (ParkingFeetOccupiedLeasedand Retail)PropertyMarket(Retail)(Retail)(Retail) (3)(in thousands)Sheraton Grand Hotel Parking Garage & Retail (4)Sacramento, CA9,453 68.9 %68.9 %$567 Total Ancillary Property (1 Property)9,453 68.9 %68.9 %$567 

(1)Represents trailing 12-month occupancy as of December 31, 2024, calculated as the number of occupied rooms divided by the number of available rooms.

(2)The Sheraton Grand Hotel is part of the Sheraton franchise and is managed by Sheraton Operating Corporation, a subsidiary of Marriott International, Inc. The renovation of the Sheraton Grand Hotel’s guest rooms and corridors is substantially completed (the “Rooms Renovation Project”) with a total cost of approximately $20.9 million. The Company is currently working on designs for the renovation of Sheraton Grand Hotel’s lobbies and common areas (the “L