As a leading provider of financing solutions and services within the hotel industry, Aareal Bank (Aareal) required a detailed analysis and valuation of a major hotel portfolio across Canada. The portfolio was comprised of a range of asset types in divergent markets with 23 assets including focused service and full service hotels across 11 different hotel brands. This assignment had to be turned around under a quick timeline in order to facilitate the international loan. Accuracy and timeliness were of the essence in order to provide a first-class experience for the client.
Based in Wiesbaden, Germany, Aareal retained Cushman & Wakefield’s Hospitality & Gaming Group, experts Brian Flood and Charles Suddaby from the Toronto office to complete the assignment. As Aareal’s go-to advisors in Canada for over 10 years, the team was familiar with the portfolio and understood the stringent turnaround the client needed.
Given the national network of appraisal professionals across the country, the hospitality team quickly jumped into action and assembled local experts in each market to complete the necessary research and appraisal services. Utilizing the team’s industry knowledge along with local market knowledge and expertise, they were highly responsive to the client’s needs in providing additional market insights to the bank’s underwriters.
Within just thirty-five days of engaging Cushman & Wakefield, the team delivered all reports accurately and on time, allowing the lender to complete the transaction by the deadline. Given the comments received from the client, Aareal were more than pleased with the hospitality team’s service and will retain Cushman & Wakefield on a future assignments.
“It was a pleasure working with Brian and the Cushman & Wakefield team and we really appreciate all the hard work the team has put into this. It was quite a large and complex assignment involving a range of asset types in divergent markets. The Cushman team was highly responsive to any follow-up requests. We appreciate the efforts of the Cushman team and hope to work with them in the future.” – Benjamin Walter, Aareal Bank