Refinances Courtyard® and Springhill Suites® by Marriott hotels
SCOTTSDALE, Ariz.--05 September 2012-- GE Capital, Franchise Finance recently provided $15 million to Summit Hotel Properties, Inc. The funding provides $9.75 million for a Courtyard® by Marriott and $5.25 million for a Springhill Suites® by Marriott to refinance existing debt on the two hotels.
"We have a long-standing relationship with GE Capital, Franchise Finance," says Dan Hansen, president and CEO, Summit. "We appreciate the consistency in their product, process, and execution, all of which allow us to grow more efficiently."
Based in Sioux Falls, Summit owns 74 hotels in 20 states.
"We are very pleased to be able to build on our already extensive relationship with Summit," says Jim Petty, senior vice president, GE Capital, Franchise Finance.
Summit focuses on acquiring and owning premium-branded, select-service hotels. They most recently added their 74th hotel with a Residence Inn® by Marriott in Arlington, Texas.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $10 billion in served assets, we serve over 3,000 customers and over 18,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop your own growth plan with access to our proprietary industry research and customized tools. More information is available at www.gefranchisefinance.com.
Christine Roe
GE Capital Solutions
[email protected]
1-480-563-6260
Yvette Pistorio
Arment Dietrich Inc.
[email protected]
(312)-787-7249