MISSISSAUGA, Ont. — CWB Franchise Finance, a division of CWB Financial Group, announced May 23 that it has provided an $80 million loan facility to Holloway Lodging Corp., owners of 33 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 help Holloway 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., in a release. “CWB Franchise Finance understands our business and were great to work with in getting the financial product and structure we were looking for.”