MISSISSAUGA, ON, Oct. 7, 2019 /CNW/ - CWB Franchise Finance (CWB), a division of CWB Financial Group, has partnered with Sterling Group to provide a debt refinance, renovation financing and a revolving line of credit.
Sterling Group owns 22 properties across Canada and the U.S., 17 of which are internationally branded hotels, including Marriot, Wyndham and Choice. The majority of Sterling's Canadian assets financed by CWB are in Toronto, Montreal, Sherbrooke, Sault Ste. Marie and Smiths Falls.
"At CWB, we pride ourselves on getting to know our clients, their goals and their industry," says Cameron Woof, Assistant Vice President of Hotels and Syndication with CWB Franchise Finance. "This knowledge enables us to be strategic for our clients, whether that's through providing advice, financing, or both."
CWB's solution consolidated financing on 10 existing hotels, which were previously financed individually across many different institutions, and one new build. This greatly simplified the capital structure while also unlocking a significant amount of capital through a revolving line of credit for future acquisitions and developments.
"Having our financing for these 11 hotel assets through one financial institution rather than several is a huge win for us," says Farhan Kassam, President of Sterling Group. "Not only have we simplified a great deal of our finances, but we have positioned ourselves well for future growth. CWB was a fantastic partner that very clearly understood the hotel space, making it easy and rewarding to work with them."
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 serving businesses and individuals across Canada. Operating from headquarters in Edmonton, Alberta, CWB's key business lines include full service business and personal banking offered through branch locations of Canadian Western Bank, including CWB Virtual Branch, and Internet banking services provided by Motive Financial. Highly responsive nation-wide specialized financing is delivered under the banners of CWB Optimum Mortgage, CWB Equipment Financing, CWB National Leasing, CWB Maxium Financial and CWB Franchise Finance. Trust services are offered through CWB Trust Services. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of CWB 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), "CWB.PR.C" (Series 7 Preferred Shares) and "CWB.PR.D" (Series 9 Preferred Shares). Learn more at www.cwb.com.
About Sterling Group
Since its inception in the early 1980s with investments in real estate, the Sterling Group has acquired over 22 hotel properties with over 1,000 rooms across Canada and the United States of America. Sterling Group now enjoys a corporate identity among some of the leading hospitality brands such as Intercontinental Hotel Group, Choice Hotels International, Wyndham, Best Western and Marriott Hotels. At Sterling Group Inc. we believe the success of our company is due to our employees, our suppliers, our bankers and of course our customers. www.sterlinghotelscanada.com
SOURCE CWB Franchise Finance
For further information: Ed Khediguian, Vice President, Franchise Finance, CWB Franchise Finance, (647) 465-0591, [email protected]; Farhan Kassam, President, Sterling Group, (905) 634-1954