MISSISSAUGA, Ontario, April 04, 2018 (GLOBE NEWSWIRE) -- CWB Franchise Finance, a division of CWB Financial Group, today announced it has led a syndicate to provide a $109 million loan facility to InnVest Hotels LP, owners of ninety-two hotels across Canada. The loan facilities will be used to refinance existing debt and invest in capital projects and opportunistic acquisitions, and are secured against a portfolio of six of InnVest’s assets located across Ontario, Manitoba and New Brunswick. CWB Franchise Finance is proud to hold the majority position and lead the syndicate with partners including ICICI Bank Canada and Fiera Properties Limited.
“CWB Franchise Finance truly are hotel financing specialists with deep understanding of the industry,” said George Kosziwka, CFO of InnVest Hotels LP. “It was a pleasure working with Ed and his team. Their knowledge of the brands and markets coupled with competitive terms, made the transaction run smoothly from start to finish.”
“We’re pleased to support InnVest 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 InnVest and other hotel owner-operators looking for tailored, creative, and robust financing structures that align with their borrowing and growth needs. Our in-depth understanding of the hotel market, alignment with high quality owners and products that enhance 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 has been invested in the Canadian hotel and restaurant space.
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, National 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 InnVest Hotels LP
InnVest holds one of Canada's largest hotel portfolios comprising 92 hotel properties and representing over 12,600 rooms, operated under 18 internationally recognized franchise brands. InnVest's hotels are managed by six hotel management companies. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.