TORONTO — Slate Asset Management, a leading alternative asset-management platform with a focus on real estate, has provided a $75-million non-revolving credit facility to Toronto-based InnVest Hotels LP.
The credit facility was provided to InnVest as part of Slate’s special-situations strategy, which was launched earlier this year to provide liquidity to members of Canada’s real-estate industry — especially those impacted by COVID-19-induced market disruption.
InnVest, the largest owner of hotels in Canada, holds more than 80 hotels in its portfolio and its management team oversees the day-to-day activities for close to 70 hotels that it either owns or are owned by third parties. Largo Capital advised InnVest on this transaction.
“We’re pleased to complete our financing agreement with Slate, which along with cash on hand, the support from a number of our mortgage lenders and participation in government programs, provides us with the needed liquidity to see InnVest through the COVID-19 pandemic,” says George Kosziwka, Chief Financial Officer of InnVest. “This credit facility provides us with incremental liquidity to continue operations and various renovation activities in this challenging economic environment. It’s also a testament to Slate’s faith in our experienced management team that allows InnVest and its wonderful hotel employees to focus on delivering an exceptional experience for our guests.”
“This is precisely what our special-situations strategy has been designed to do,” says Doug Podd, managing director of Slate. “This strategy allows us to use Slate’s flexible capital, market knowledge and ability to structure creative financial solutions to provide best-in-class operators, such as InnVest, with working capital when they need it most, allowing operators to focus on their business.”