MISSISSAUGA, October 7, 2019 – 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.”