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rown Gibbons Lang & Company (BGL) is pleased to announce the completion of brand conversion and financial restructuring for three new Wyndham hotels, totaling 397 keys. The hotels include the 113-key Wyndham Avon in Ohio, the 132-key Wyndham Noblesville in Indiana, and the 152-key Wyndham Westfield in Indiana.
BGL's Real Estate Advisors team advised the owners throughout the conversion process, sourcing fresh capital and negotiating with current lenders to restructure the assets' balance sheet. The team also sourced private capital to retire previous brand Mezzanine loans across the portfolio, refinanced the Wyndham Noblesville with an interest-only bridge loan from American Bank, N.A., and raised preferred equity to recapitalize the balance sheets of Wyndham Avon and Wyndham Westfield.
The 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.
"We're excited to introduce these new hotels in Ohio and Indiana," said Amit Sripathi, Chief Development Officer of 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."
Ceres Enterprises President David Crisafi noted that switching their hotels to the Wyndham flag has led to a significant boost in both top and bottom lines. "Without changing the asset location or its physical condition, the lever of accretive revenue has been remarkable," he said.
BGL's Real Estate Advisors team offers comprehensive real estate investment banking services tailored to the middle market, providing 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.
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.
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.
