News

CWB announces financing of 10 hotel portfolio for Sterling Hotels Canada

Canadian Western Bank (CWB) has announced the financing of a 10 hotel portfolio for Sterling Hotels Canada.

April 12th, 2024

The transaction included the acquisition of the Motel 6 Kingston, full refinance of existing debt, as well as a fully funded equity out facility to support future growth and portfolio capex.

The 10 hotel portfolio includes:

Comfort Suites Downtown Montreal - Located at 1214 Crescent St., Montreal, QC H3G 2A9—Comfort Suites is in a prime downtown Montreal location on Crescent Street, within walking distance of the Bell Centre and less than two kilometres from attractions including the Underground City, the Montréal Museum of Fine Arts, the Musée d’art contemporain de Montréal and Montréal’s Chinatown.

All guest rooms at this Montréal hotel are spacious junior suites, equipped with balconies, coffee makers, hair dryers, ironing equipment and cable television. Handicap accessible and non-smoking rooms are offered and microwaves and refrigerators are available for rental.

Howard Johnson Toronto Lakeshore - Located at 14 Roncesvalles Avenue King St West and Queensway, Toronto, ON M6R 2K3—the hotel is close to Fine restaurants and European Bakery & Cafe, St. Joseph Hospital, CN Tower, Ontario Place, University of Toronto & Royal Ontario Museum. It is also 20 minutes away from the Toronto International Airport.

Econo Lodge Smiths Falls - Located at 33 Centre Street, Smiths Falls, ON K7A 3B8—this Smiths Falls hotel is minutes from the Rideau Canal, the Heritage House Museum, the Smiths Falls Railway Museum of Eastern Ontario and Hershey’s Visitors Center.

Motel 6 Kingston - Located at 1542 Robinson Court, Kingston, ON K7P 0K4, right off Highway 401, the Motel 6 Kingston is the first motel in Canada to be built with the modern rooms look. This inn features free wireless internet and on site parking.

The Saint James Hotel Toronto - A member of the Ascend Hotel Collection, the Saint James is centrally located at 26 Gerrard Street East, Toronto, Ontario M5B 1G3 in the heart of downtown Toronto within walking distance to the Toronto Eaton Centre, Dundas Square and within minutes of the Financial District and Ryerson University. All guest rooms include a 42-inch television, coffee maker, hair dryer, microwave and refrigerator. Some rooms feature a sofa.

Hampton Inn Napanee - Located at 40 McPherson Dr, Napanee, ON K7R 3L1–the Hampton Inn is just off the 401 and minutes from Lake Ontario. Enjoy free hot breakfast and WiFi, and its fitness room and indoor pool.

Grange Hotel Toronto - The Grange Hotel Downtown Toronto is located at 165 Grange Avenue, Toronto, Ontario M5T 2V5—near Toronto’s historic Chinatown, Kensington Market, and Toronto’s Entertainment District. The hotel features studio units in a modern six story building. Each room has an equipped kitchenette and a private bath.

Motel 6 Sault Ste Marie - Located at 503 Trunk Road, Sault Ste. Marie, ON P6A 3T1—the brand new Motel 6 Sault Ste Marie hotel is conveniently located just minutes from the Michigan border. Its pet-friendly location provides clean and accommodating guest rooms and easy access to the area’s top attractions, including OLG Casino and the famous Agawa Canyon train ride.

Quality Inn Sherbrooke - Located at 4206 King Street West, Sherbrooke, Québec J1L 1V5, the Quality Hotel & Suites hotel is ideally located just minutes from Université de Sherbrooke. This Sherbrooke hotel is close to many area businesses and attractions, including Hôtel Dieu Hospital, Carrefour de L’Estrie, Bishop’s University and Champlain Regional College. The Sherbrooke Airport is also 20 kilometers away.

Grand Tappattoo Resort, Seguin, Ont. - Located at 30 Tapatoo Trail, Seguin, Ontario P2A 1S9—and less than two hours north of Toronto, and only 8KM south of Parry Sound, you will find Grand Tappattoo Resort nestled amongst 50 acres of natural birch and pine trees, surrounded by the clear waters of Otter Lake.

The main lodge and cottages were opened in 1987. Between 1989 and 1997 several deluxe suite accommodations, a banquet hall, two fully appointed conference rooms and a spacious indoor pool and recreation complex were added. The property has 53 hotel rooms, suites and fully equipped cottages.