BGL Real Estate Advisors Completes Another Financing for a Leading Hotel Development and Management Company
July 12 2011
BGL Real Estate Advisors LLC (BGL) announced today the successful completion of the refinance of a senior mortgage debt facility for Ascenture Hotel Group, a leading hotel management and development company.
Founded in 2003 and headquartered in Ohio, Ascenture Hotel Group is a dynamic management and development company with expertise in hotel ownership, development, and construction, as well as hotel management, distribution and marketing. The company’s portfolio, which extends throughout six states, consists of independent and franchised hotels, including brands from Hilton, IHG, Choice, and Wyndham, as well as properties under development in the Dominican Republic. In 2010, Ascenture earned a distinguished ranking among the Top 100 hotel management firms in the United States.
BGL advised Ascenture Hotel Group and its partners on the restructuring of a senior mortgage debt facility for Cherry Tree Inn & Suites, a boutique hotel property located in the popular Midwest vacation destination of Traverse City, Michigan. BGL accessed its extensive network of institutional capital providers and other specialty lending vehicles to complete the refinance.
Commenting on the transaction, Joe Moffa, President at Ascenture Hotel Group said, “BGL was instrumental in securing the refinancing that we had attempted with many other firms. I am very impressed with the caliber of knowledge and professionalism that the BGL team provided and we look forward to continuing our relationship with BGL”.
Nico A. Bolzan, Director at BGL said, “The refinance was not without its challenges; our client is in the hospitality sector, operates a non-flagged hotel, which is located in a tertiary market, all components that made attracting capital difficult. As a result of BGL’s unique access to a full spectrum of lenders, we were able to successfully complete this transaction by locating a capital source capable of reducing the client’s cost of capital by 60% annually. We at BGL are pleased to have provided a solution that has produced a stronger, more viable entity going forward”.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving middle market companies and their owners throughout the United States and internationally. BGL’s professionals are active across a number of industry sectors, delivering high-quality mergers and acquisitions advisory services, debt and equity placements, valuations and fairness opinions, and financial restructurings. BGL is the lead U.S. shareholder in Global M&A, the world’s leading partnership of top-tier independent financial advisory firms focusing on mid-market cross-border transactions. For more information, please visit www.bglco.com.
About BGL Real Estate Advisors
BGL Real Estate Advisors provides comprehensive real estate investment banking services to the middle market, which includes real estate advisory, debt and equity placements, financial restructuring, and asset acquisition and disposition. BGL’s services cover the full spectrum of asset classes, including multi family, student housing, hospitality/leisure, office, retail, industrial, and senior and assisted living properties.