MISSISSAUGA, Ont. —CWB Franchise Finance (CWB), a division of CWB Financial Group, has participated in a large-scale facility to refinance seven ALT Hotels in Canada. CWB provided a portion of a larger loan to complete it.
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, N.L. by leveraging the broader cross-collateralized security package of its stabilized assets in strong markets.
“We’re 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.”
ALT Hotels is a division of Group Germain Hotels, with properties in Toronto, Halifax, Montreal, Quebec City, Ottawa, St John’s and Saskatoon.
“We’re thankful to all 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 were impeccable and we’re thankful to have found a partner that understands our industry and our needs.”