Brown Gibbons Lang & Company (BGL) has successfully completed the brand conversion and financial restructuring of three Wyndham hotels, totaling 397 keys, on behalf of hotel owners Ceres Enterprises and The Orlean Company. The portfolio now includes the 113-key Wyndham Avon in Ohio, the 132-key Wyndham Noblesville in Indiana, and the 152-key Wyndham Westfield, also in Indiana. In addition, Ceres Enterprises owns The Orbit Hotel, a 54-key property under the Trademark Collection by Wyndham, located in a former NASA office building at Cleveland Hopkins International Airport. With this latest restructuring, Ceres Enterprises now manages four Wyndham-branded hotels.

BGL’s Real Estate Advisors team played a pivotal role in guiding the owners through the conversion process, sourcing fresh capital, and restructuring the balance sheets of the properties to streamline future operations. The complex process included a sequence of strategic moves, such as:

Offering strategic advisory services on various brand conversion options for the hotels

Sourcing private capital to retire existing mezzanine loans across the portfolio

Negotiating with a CMBS lender’s Special Servicer to secure a loan payoff

Securing an interest-only bridge loan from American Bank, N.A. to refinance the Wyndham Noblesville

Raising preferred equity to recapitalize the balance sheets of the Wyndham Avon and Wyndham Westfield

Modifying existing senior loans to protect the equity position in the assets

The portfolio, originally developed and constructed by Ceres Enterprises and The Orlean Company, enjoys prime locations near major interchanges, each benefiting from unique market demand drivers 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 prominent developer and operator of upscale hotels in the Midwest, boasting a diverse portfolio that includes properties under renowned brands such as Marriott, Hilton, and Wyndham. The Orlean Company, an Ohio-based real estate developer, brings extensive expertise in ground-up commercial real estate development. Their projects span various sectors, including senior and assisted living facilities, affordable and market-rate multifamily housing, commercial retail, and for-sale residential properties across Northeast Ohio.

BGL’s Real Estate Advisors team specializes in delivering comprehensive real estate investment banking services tailored to middle-market clients. With a focus on client-driven solutions, the team offers expertise in real estate advisory, debt and equity placements, financial restructuring, recapitalizations, sale-leasebacks, structured finance, and asset acquisitions and dispositions across all asset types. BGL’s team works closely with real estate owners and developers, forming strategic alliances and joint ventures with capital providers to ensure local and institutional access for all capital needs.

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