CLEVELAND, Oct. 4, 2024
/PRNewswire/ -- Brown Gibbons Lang & Company (BGL) is
pleased to announce the completion of the brand conversion and
financial restructuring of three new Wyndham hotels accounting for
397 keys, on behalf of the hotels' owners, Ceres Enterprises
and The Orlean Company. The hotels include the 113-key Wyndham Avon (OH), the 132-key Wyndham
Noblesville (IN), and the 152-key Wyndham
Westfield (IN). Ceres Enterprises also owns and operates The
Orbit Hotel, a Trademark Collection by Wyndham, a 54-key hotel that
is housed in a former NASA office building at the Cleveland Hopkins
International Airport—bringing the portfolio to four
Wyndham-branded hotels.
BGL's Real Estate Advisors team advised the
owners throughout the conversion process.
BGL's Real Estate Advisors team advised the owners
throughout the conversion process, sourced fresh capital, and
negotiated with current lenders to restructure the assets' balance
sheet and optimize future operations. The sequencing of the brand
conversion and restructure included:
- Advising ownership with various strategic alternatives
regarding the hotel conversions
- Sourcing private capital to retire previous brand Mezzanine
loans across the portfolio
- Negotiating with the CMBS lender's Special Servicer on a
payoff of their loan
- Refinancing the Wyndham Noblesville with an interest-only
bridge loan from American Bank, N.A.
- Raising preferred equity to recapitalize the balance
sheets of Wyndham Avon and
Wyndham Westfield
- Negotiating a Loan Modification with a current senior lender to
insulate the equity position in the asset
This 397-key portfolio was originally developed and constructed
by Ceres Enterprises & The Orlean Company. All properties are
located around major interchanges, with unique demand drivers
within each submarket and strong historical performance.
"Introducing these new hotels in Ohio and Indiana delivers on our promise of delivering
exceptional experiences for the everyday traveler," said
Amit Sripathi, Chief Development
Officer, Wyndham Hotels & Resorts. "By joining forces with the
world's largest hotel franchisor, Ceres Enterprises unlocks The
Wyndham Advantage—global marketing, innovative technology, and
access to our award-winning Wyndham Rewards program—which will
support the success of these hotels as they begin welcoming guests
for unforgettable stays."
"Switching our hotels to the Wyndham flag has led to a
significant boost in both our top and bottom lines," said
David Crisafi, President of Ceres
Enterprises. "Without changing the asset location or its physical
condition, the lever of accretive revenue has been remarkable."
Ceres Enterprises is a leading developer and operator of
premier hotels in the Midwestern United States, whose portfolio
includes Marriott, Hilton, and Wyndham hotels. The Orlean Company
is a leading Ohio-based real
estate developer with extensive ground-up commercial real estate
experience, including senior and assisted living care housing,
affordable and market-rate multifamily housing, and commercial
retail and for-sale housing in Northeast
Ohio.
BGL's Real Estate Advisors team offers comprehensive real estate
investment banking services tailored to the middle market. It
provides client-focused solutions with an emphasis on real estate
advisory, debt, preferred and private equity placement, financial
restructuring, recapitalizations, sale-leasebacks, structured
finance, and asset acquisitions and dispositions across all asset
classes. The team assists real estate owners and developers looking
to form alliances and joint ventures with single-source capital
providers to gain local and institutional access for all capital
needs.
About Brown Gibbons Lang & Company
Brown
Gibbons Lang & Company
(BGL) is a leading independent investment
bank and financial advisory firm focused on the global middle
market. The firm advises private and public corporations and
private equity groups on mergers and
acquisitions, capital markets, financial
restructurings, valuations and opinions,
and other strategic matters. BGL
has investment banking offices in Boston, Chicago, Cleveland, Los
Angeles, and New York, and
real estate offices in Chicago,
Cleveland, and San Antonio. The firm is also a founding
member of REACH Cross-Border Mergers & Acquisitions,
enabling BGL to service clients in more
than 30 countries around the world. Securities transactions are
conducted through Brown, Gibbons, Lang
& Company Securities, Inc., an affiliate of Brown
Gibbons Lang & Company LLC and a
registered broker-dealer and member of FINRA
and SIPC. For more information,
please visit https://www.bglco.com/.
About Wyndham Hotels & Resorts
Wyndham Hotels
& Resorts (NYSE: WH) is the world's largest hotel franchising
company by the number of properties, with approximately 9,200
hotels across over 95 countries on six continents. Through its
network of nearly 885,000 rooms appealing to the everyday traveler,
Wyndham commands a leading presence in the economy and midscale
segments of the lodging industry. The Company operates a portfolio
of 25 hotel brands, including Super 8®, Days Inn®, Ramada®,
Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn
Suites®, Trademark Collection® and Wyndham®. The Company's
award-winning Wyndham Rewards loyalty program offers approximately
110 million enrolled members the opportunity to redeem points at
thousands of hotels, vacation club resorts and vacation rentals
globally. For more information, visit wyndhamhotels.com.
Industry contacts:
Anthony D.
Delfre
Managing Director
Real Estate Advisors
adelfre@bglco.com
216.920.6615
Daniel A.
DiCarro
Director
Real Estate Advisors
ddicarro@bglco.com
216.920.6631
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bgl-real-estate-advisors-completes-conversion-and-financial-restructuring-to-introduce-three-new-wyndham-hotels-302267958.html
SOURCE Brown Gibbons Lang & Company
