MISSISSAUGA, ON, Aug. 15, 2019 /CNW/ - CWB Franchise Finance (CWB), a division of CWB Financial Group, has participated in a largescale facility to refinance seven ALT Hotels in Canada. CWB provided a portion of a larger loan to complete it.
ALT Hotels is a division of Group Germain Hotels, with properties in Toronto, Halifax, Montreal, Quebec City, Ottawa, St John's and Saskatoon. The hotels are strategically located across Canada to offer their guests a unique alternative to conventional hotels.
"We are delighted to have been able to participate in such a large refinancing for this growing and respected brand," says Cameron Woof, Assistant Vice President of Hotels and Syndication with CWB Franchise Finance. "Our aim is to provide not only financing for our clients, but genuine advice and expertise in the hotel space."
CWB's solution included facilities for the refinancing and a revolving line of credit, unlocking a significant amount of capital for renovations and brand expansion. CWB's expertise also found a solution for ALT Hotels to finance two un-stabilized new build hotels in Saskatoon and St. John's by leveraging the broader cross-collateralized security package of their stabilized assets in strong markets.
"We are thankful to all of our partners who helped us secure the financing we needed to see us into the future," says Annie Landry, Vice President of Finance with Group Germain. "CWB's portion of the loan provided us with the necessary capital to complete new projects and poises us well for future growth. Their turnaround time and expertise was impeccable, and we are thankful to have found a partner that understands our industry and our needs."
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 is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB's key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Motive Financial. Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, CWB kNational Leasing, CWB Maxium Financial, CWB Franchise Finance and CWB Optimum Mortgage. Trust Services are offered through Canadian Western Trust. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 Preferred Shares) and "CWB.PR.C" (Series 7 Preferred Shares). Learn more at www.cwb.com.
About Alt Hotels by Le Germain
At Alt Hotels, we march to a different beat by giving guests the best of what they want without any extra fluff. All of our properties are carefully crafted to combine eco-friendly comfort within sleek urban spaces – all designed with guests in mind. Located in Winnipeg, Toronto, Ottawa, Montreal, Brossard, Quebec City, Halifax, St. John's, Calgary and Saskatoon; and in 2020 Alt Hotels will open in Calgary's University District and Ottawa Airport. Alt Hotels. Stay unconventional. More information: www.althotels.com/en
About Germain Hotels
Germain Hotels is a Canadian family-run business that owns and operates Le Germain Hotels, Alt and Alt+ Hotels across Canada. Ranked as one of Canada's best-managed companies, the hotelier is known for its exceptional hospitality philosophy and the unique style that characterizes its hotels. Having celebrated its 30th anniversary in 2018, Group Germain Hotels has achieved its ambitious goal of having 20 hotels by 2020, the 1250-employee company's ultimate goal is now to become the first independent, truly pan-Canadian hotel group. Visit www.groupegermain.com/en.
SOURCE CWB Franchise Finance
For further information: Ed Khediguian, Vice President, Franchise Finance, CWB Franchise Finance, (647) 465-0591, [email protected]; Annie Landry, CPA, CA, Vice President of Finance, Group Germain, (418) 266-3304