MONTREAL (QC) --- GE Capital's Canadian Franchise Finance business announced today that it has provided senior debt to Bayview Hospitality Group Inc., a hotel management and development company headquartered in Toronto, that will be used to refinance existing debt and allow operating partners to buy out the investor shareholders of four properties --- three Homewood Suites and one Hampton Inn & Suites in the greater Toronto area.
Bayview Hospitality operates six hotels with a total of 1,006 rooms.
"We've been working with GE Capital since opening our first Homewood Suites hotel in 2004," said Alnoor Gulamani, president of Bayview Hospitality. "When we first decided to develop this brand in Canada, the extended-stay segment was virtually non-existent and misunderstood here. With GE Capital's help, we have been able to realize our vision and successfully build our portfolio of Hilton-branded extended-stay properties."
"We're pleased to continue our long-standing relationship with Bayview Hospitality," said Edward Khediguian, senior vice president of GE Capital's Franchise Finance business in Canada. "Al and his team diligently executed their plan. Our expertise in the space allowed us to support Bayview's expansion and ownership consolidation. We're always looking for ways to help clients build value, grow their businesses and create return on invested equity."
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender to the franchise finance market, serving the restaurant and hospitality industries. Over the past 10 years, we've financed more than $1.7 billion in hotel transactions in the Canadian market, providing financing for nationally known brands in the limited and select-service segments.
With 17 offices throughout Canada, GE Capital (http://www.gecapital.ca) offers a wide variety of financial products and services to address commercial financing needs in many 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 to develop custom solutions for your company. Some of the industries in which we specialize include transportation, construction, manufacturing, aerospace, automotive, mining, energy, wholesale, retail, restaurant and hotel franchise financing.
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 www.ge.com.
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