Projects in Alabama, Oklahoma Add to Growth
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--To further expand its growing hospitality portfolio HP Hotels chairman, Chiman Patel, turned to GE Capital Solutions, Franchise Finance for a $17.5 million refinancing loan for a Hampton Inn in Birmingham, Ala, and new construction of a 115-room Hilton Garden in Oklahoma City, Okla. Patel has a long-term relationship with GE Capital Solutions, Franchise Finance, resulting in a number of deals, involving refinancing, construction, and permanent loans, totaling more than $40 million during the past five years.
"I know what to expect from GE Capital Solutions, Franchise Finance and they know what to expect from us," says Patel. "It's a great feeling to do business with a company and not have tension. I really enjoy working with their team."
Patel and his partners, Mike Hines and Kerry Ranson, are busy with their new business endeavors. As the president and CEO, Hines is focusing on development of HP Properties, while Ranson concentrates on management as the president and CEO of HP Hotel Management. With the recent divide of HP Hotels into HP Properties and HP Management, Patel and company are able to take on more projects, resulting in their need for more financing. HP Hotels currently has 35 hotels with an additional 10 hotels under construction and seven in the planning stages.
"We enjoy a great working relationship with Chiman and his company that's built on years of collaboration," says Patrick Feltes, senior vice president, GE Capital Solutions, Franchise Finance. "We're pleased to help HP Hotels grow as they make changes to further enhance their company's portfolio."
"GE Capital Solutions, Franchise Finance gives me peace of mind," Patel says. "I look forward to doing more business with them in the future."
HP Hotels Inc. is a hotel management company founded in June 2002 by Mike Hines and Chiman Patel. HP Hotels aims to operate quality hotels that provide for the needs of guests through highly valued and trained team members. Their goal is to ensure team members have the proper training and tools to be able to perform their duties to the utmost professional service standards.
GE Capital Solutions, Franchise Finance is a leading lender serving customers in the hospitality, power sports, restaurant, branded beverage, and automotive after-market industries. It provides financing to help franchisees and franchisors grow, compete, and prosper and offers access to capital with a diverse array of flexible financing options. The company finances real estate or equipment purchases, new construction or remodels, acquisitions, or refinancing.
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 30 years of experience and $14 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
Morgan Smith, 312-787-7249
[email protected]
or
GE Capital Solutions, Franchise Finance, Scottsdale
Christine Roe, 480-563-6260
[email protected]
Stephen White