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,” said 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.”
CWB Franchise Finance 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.
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