SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Building on a long-standing relationship with Sun Development and Management Corporation, GE Capital Solutions, Franchise Finance is funding the construction of six new hotels with a $60 million development line of credit.
"During the last several years, we've worked with Sun Development multiple times," says Tom Clearwater, vice president, hospitality finance, GE Capital Solutions, Franchise Finance. "We're fortunate to have such a loyal customer and look forward to working with them as they expand their portfolio and continue to grow."
Sun Development owns and operates more than 27 hotels in nine states under various flags and has 17 new hotels with 2,100 rooms under different stages of development. Sun is using the development line of credit to build six new hotels during the next two years, including the recently completed Hampton Inn & Suites and five hotels in Florida and New Jersey under the Hilton, Marriott, and IHG brands.
"Our development line of credit is an easy way for franchise owners to expand their business without the paperwork typically associated with financing," says Clearwater. "They are able to apply once, get approval upfront, and receive capital almost immediately for each new build. It is an ideal solution for Sun Development because it provides them the capital they need to fund their construction with the flexibility to grow at their own pace."
The relationship between GE Capital Solutions, Franchise Finance and Sun Development has included several financing agreements. One notable deal between the two companies is the refinancing of 19 hotels last year, totaling $73 million.
"After years of working with GE Capital Solutions, Franchise Finance, we've developed a trusting, long-term relationship that has helped us expand our portfolio and optimize our growth potential," says Bharat Patel, president and CEO, Sun Development. "We appreciate their flexibility, long-term vision, and understanding of the hospitality industry."
The Sun Development portfolio includes a variety of established hospitality brands under the Hilton, Marriott, IHG, and Choice brands.
GE Capital Solutions, Franchise Finance provides financing to help franchisees and franchisors grow, compete, and prosper through new construction, acquisitions, refinancing, or reimaging.
About GE Capital Solutions, Franchise Finance
GE Capital Solutions, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 20 years of experience and $11 billion in served assets, we serve more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, power sports, and automotive after-market industries. We offer customers access to capital with a menu of products featuring flexible structuring, including financing for acquisitions, refinancing, construction of new units, and remodels for single- and multi-unit operators/chains. More information is available at www.gefranchisefinance.com or by calling toll-free 866-GET-GEFF (438-4333).
GE Capital Solutions provides leasing, lending, and capital investment products and services to help business customers grow. It has more than $90 billion in assets, serves more than a million clients around the world, and is headquartered in Danbury, Connecticut, USA. For more on GE Capital Solutions, go to www.ge.com/capitalsolutions.
GE (NYSE: GE) is Imagination at Work --- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
Arment Dietrich
Gini Dietrich, 312-787-7249
[email protected]
or
GE Capital Solutions, Franchise Finance
Christine Roe, 480-563-6260
[email protected]
or
Sun Companies
Danette Kennedy, 317-247-5500 x32
[email protected]
Stephen White