CWB Franchise Finance partners with Fairfield Inn & Suites

Mississauga - CWB Franchise Finance is proud to announce financing for the new construction of a 92-room hotel for Fairfield Inn & Suites in North Bay, Ontario. CWB commits to financing $11,065,000 against the costs of construction, which represents 70 per cent loan-to-cost against the total construction budget, and also gives forward commitment to provide construction take-out financing upon completion of the hotel. The hotel will be managed by a nationally recognized hotel management company upon completion, which is expected in June 2021. 

CWB is actively supporting hotel owners in Canada via refinance, equity out, debt consolidation, new construction, take-out, and acquisition financing. “Our commitment to Fairfield Inn North Bay is evidence that CWB believes strongly in the hotel industry, and that it will recover from the challenges caused by COVID-19,” says Ed Khediguian, VP, CWB Franchise Finance. “We are and we will continue to be active in the industry, supporting experienced hoteliers with properly structured debt that creates payment capacity to mitigate short-term cash flow risks.” 

The Fairfield Inn will be an excellent addition to North Bay’s hospitality options. It represents the only Marriott hotel in the city, and will be the closest lodging accommodations available to both North Bay Regional Health Centre and Nipissing University. 

“Fairfield by Marriott offers owners and franchisees an efficient economic model in the upper-midscale tier,” says Aaron Laurie, Director, Lodging Development, Eastern Canada at Marriott International. “With rapid growth throughout the U.S. and Canada, Fairfield by Marriott has reached over 1,000 open hotels, and has the largest pipeline in the Marriott portfolio with over 450 properties.”