MISSISSAUGA, May 23, 2017 – CWB Franchise Finance, a division of CWB Financial Group, today announced it has provided an $80 million loan facility to Holloway Lodging Corp., owners of thirty-three hotels across Canada. Holding the majority position in and leading the syndicate loan facility, CWB Franchise Finance provided a $50 million term facility and a $30 million revolver facility that will assist Holloway to refinance existing debt and invest in capital projects and opportunistic acquisitions. The loan facilities are secured against a portfolio of 10 of Holloway’s assets located across Ontario, Nova Scotia, New Brunswick, British Columbia and Alberta. Syndicate partners include Coast Capital and ICICI Bank Canada.
“Working with a specialized lender in the hotel space positions us well for growth opportunities going forward,” said Michael Rapps, chairman of Holloway Lodging Corp. “CWB Franchise Finance understands our business and were great to work with in getting the financial product and structure we were looking for.”
“We’re pleased to support Michael and his team as they continue to grow across Canada,” said Ed Khediguian, senior vice president of CWB Franchise Finance. “As specialists in the Canadian hospitality industry, we’re looking forward to more opportunities to work with experienced hotel owner-operators looking for tailored creative financing structures that align with their borrowing needs. Our in-depth understanding of the hotel market, alignment with high quality owners and a product that enhances our clients’ return on equity has been key to our success over the past 15 years.”
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 have been invested in the Canadian hotel and restaurant space.
For more information, please contact:
Senior Vice President, Franchise Finance
Phone: (647) 465-0591
Email: [email protected]