MONTREAL (QC), Sept. 4, 2012 - GE Capital, Canada's Franchise Finance business announced today that it has provided a $20 million senior term loan facility to Temple Real Estate Investment Trust (TSX Venture: TR.UN) to support the acquisition of the Hilton Garden Inn located in West Edmonton, Alberta.
The six-story, 160-room hotel is located near Edmonton's West End Business District as well as the West Edmonton Mall, the city's top tourist destination.
"GE Capital has helped us complete two acquisitions since the beginning of the year," said Arni Thorsteinson, president and chief executive officer of Temple REIT, based in Winnipeg, Manitoba. "GE's Franchise Finance team understands our business and the hotel sector, and it shows in the execution of the transactions."
"We are very pleased to be able to support Temple REIT in this second acquisition," said Edward Khediguian, senior vice president of GE Capital's Franchise Finance business here. "We always look for ways to help clients build value, grow their business and create return on invested equity. We do so by providing expertise and focus in the hotel and restaurant space. We've financed more than $1 billion in hotel transactions in Canada over the last 10 years, and we remain committed to the industry."
Temple REIT is an open-ended real estate investment trust focused on owning and acquiring hotel properties in primary and secondary markets across Western Canada. It owns and operates 15 properties offering 1,868 guest rooms across Western Canada, with eight hotels offering 834 guest rooms located in the Fort McMurray, Alberta market.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender to the franchise finance market, serving the restaurant and hospitality industries. In the Canadian hotel market, we provide financing for nationally known brands in the limited and select-service segments of the industry.
With more than 20 offices throughout Canada, GE Capital (gecapital.ca) offers a wide variety of financial products and services to address commercial financing and fleet management needs in all phases of a business' lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our wealth of industry expertise and develop custom solutions for your company. Some of the industry sectors we specialize in include transportation, construction, healthcare, agriculture, forestry, manufacturing, oil & gas, wholesale & retail, restaurant and hotel franchise.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital).
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at ge.com.
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