MISSISSAUGA, ON, Nov. 21, 2019 /CNW/ - CWB Franchise Finance (CWB), a division of CWB Financial Group, has provided an acquisition and refinancing term loan and revolving line of credit to 3G Equity Inc. for its 10-hotel portfolio.
CWB's solution consisted of paying out eight existing hotel syndicated mortgages, financing two acquisitions and providing an equity take-out for corporate realignment and strategic plan execution, including movements between associated companies. CWB also created equity loan availability for renovations and additional future acquisitions.
"We were able to create a global portfolio financing solution for 3G Equity that was based on all ten hotels, releasing unrealized equity with a consolidated view of the assets working together," says Cameron Woof, Assistant Vice President of Hotels and Syndication with CWB Franchise Finance. "We were also able to adjust and customize funding timing to allow the acquisitions to transact independent of each other and the portfolio refi and provide organizational freedom to move assets and payments between companies and shareholders. This allowed 3G Equity to methodically work through the portfolio update in a logical and sequential manner."
"CWB went above and beyond, creating the perfect mix of financing solutions to help us materialize our strategic vision with a view to our long-term corporate goals," says Mike Lai, President with 3G Equity. "We now have financial flexibility for property improvement renovations and portfolio re-alignment through dispositions and future acquisitions. With our CWB partnership, we can direct and focus our efforts on achieving our strategic plan objectives."
About CWB Franchise Finance
CWB Franchise Finance, a division of CWB Financial Group, specializes in financing for regional and national restaurants and hotels and is a leading lender to the Canadian restaurant and hospitality industries. Previously GE Capital Canada's franchise financing arm, CWB Franchise Finance was acquired by CWB Financial Group in 2016 following a successful track record of more than 800 clients with upwards of 1,525 property locations over 14 years. To date, more than $3 billion has been invested in the Canadian hotel and restaurant space. Learn more at www.cwbfranchise.com.
About CWB Financial Group
CWB Financial Group is a diversified financial services organization providing proactive business and personal banking, trust and wealth management across Canada. Headquartered in Edmonton, Alberta, we've offered customized financial solutions for over 35 years and operate with a clear focus on meeting the unique financial needs of business owners. We're obsessed with providing the right banking, lending and investment solutions for our clients – by asking the right questions, sharing our industry and financial services expertise, and genuinely believing that great relationships get results. Learn more at www.cwb.com.
About 3G Equity Inc.
3G Equity Inc. is an Alberta-based hotel ownership group, owning 10 branded hotels throughout the Alberta region. For over a decade 3G Equity Inc. has been committed to building a successful and lasting company by consistently delivering quality accommodations to our hotel guests. We build, develop and acquire hotels, while balancing growth with sound financial planning and acting in a manner that is sustainable in the long-term. We look beyond short-term goals to ensure our decisions will stand the test of time.
SOURCE CWB Franchise Finance
For further information: Ed Khediguian, Vice President, Franchise Finance, CWB Franchise Finance, (647) 465-0591, [email protected]; Patty Guo, Senior Vice President, Finance, APX Hotels Group, (587) 401-8652, [email protected]