CWB Franchise Group recently provided an $80 million financial assistance program to Holloway Lodging Corp., part of which Holloway plans to use to refinance existing debt and invest in capital projects and acquisitions.
CWB Franchise Group, which is a division of CWB Financial Group, said it provided Holloway with $50 million in term assistance and $30 million as part of a revolver facility. The loans are secured against assets that Holloway owns throughout Ontario, Nova Scotia, New Brunswick, British Columbia and Alberta.
Holloway's Chairman Michael Rapps said in a press release that the assistance from CWB will help the company seek growth opportunities.
“Working with a specialized lender in the hotel space positions us well for growth opportunities going forward,” Rapps said. “CWB Franchise Finance understands our business and were great to work with in getting the financial product and structure we were looking for.”
CWB Franchise Finance Senior Vice President Ed Khediguian said the company is always looking to work with hotel owners and operators.
“We’re pleased to support Michael and his team as they continue to grow across Canada,” Khediguian said. “As specialists in the Canadian hospitality industry, we’re looking forward to more opportunities to work with experienced hotel owner-operators looking for tailored, creative financing structures that align with their borrowing needs."
CWB, headquartered in Edmonton, Alberta, provides financing for regional and national restaurants and hotels and is a leading lender in the restaurant and hospitality industries.