SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov. 4, 2005--With $6.2 million in financing from GE Commercial Finance, Franchise Finance, Enzo Gagliardi and Eric Collin, principals of Sarasota, Florida-based Finergy Development, turned a failed assisted living development into an award-winning Homewood Suites.
The new hotel received several accolades, including best conversion of the year at the 2005 Hilton convention, and the 2005 Keep Sarasota County Beautiful award. And thanks to a new program offered by Hilton and GE Commercial Finance, Franchise Finance, the rewards did not stop there.
Finergy Development took advantage of a joint effort between Hilton and GE Commercial Finance, Franchise Finance to reward new franchisees with points towards the HHonors program, a frequent-guest program granting hotel points and airline miles when staying at participating Hilton hotels. Finergy Development is the first franchisee to benefit from the program, which earned them one million complimentary Hilton HHonors points.
"We've been extremely lucky to find partners during this project who really believed in it," says Collin about the company's first American endeavor. "We were so thrilled with the results, and now the points towards developing a rewards program make the experience that much better."
The one million HHonors points offered to Finergy Development are available to any operator who takes on loans of less than $10 million. Loans in excess of $10 million receive two million HHonors points.
"We are constantly looking for ways to better serve the needs of our clients, and I was excited to see Finergy Development take advantage of the new opportunity we are offering with Hilton," says Patrick Feltes, vice president, southeast region, GE Commercial Finance, Franchise Finance.
The program is available to any operator who uses GE Commercial Finance, Franchise Finance in the construction of a new Hilton hotel, which includes the Hilton, Conrad, Doubletree, Embassy Suites, Hampton Inn, Hampton Inn and Suites, Hampton Garden Inn, and Homewood Suites by Hilton concepts.
About GEFF
GE Commercial Finance, Franchise Finance (GEFF) is a leading lender for the franchise finance market via direct sales and portfolio acquisition in the United States and Canada. With more than $11 billion in served assets, GEFF serves more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, storage, and automotive industries. GEFF offers 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).
About GE Commercial Finance
GE Commercial Finance is the business-to-business finance unit of General Electric. With deep industry expertise and lending, leasing and financing services of every kind, GE Commercial Finance plays a key role in helping its customers grow. Conducting business in 35 countries, GE Commercial Finance has assets of over US$230 billion and is headquartered in Stamford, Connecticut, USA.
General Electric (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems.
Contacts
GE Commercial Finance, Franchise Finance
Christine Roe, 480-563-6260
[email protected]
or
Arment Dietrich
Gini Dietrich, 312-787-7249
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340