Funds Used to Finance Four Hotels in Florida
SCOTTSDALE, Ariz -- Much like the droves of families that descend upon St. Augustine, Fla., each year, GE Capital Solutions, Franchise Finance was attracted to the experienced hoteliers at Jalaram Hotels, Inc. The owner/operator of nine hotels received more than $42 million in financing from GE Capital Solutions, Franchise Finance to continue accommodating travelers bound for the Sunshine State.
The deal provides funds to refinance three Jalaram properties --- a Hilton and a Holiday Inn in St. Augustine, Fla. and a Wingate in Jacksonville, Fla. The deal also provides funds for the acquisition and re-flag of the Hampton Inn Casa del Mar in Vilano Beach, Fla.
"We worked with Jalaram to create financing packages that allow them to plan for important expansions," says Patrick Feltes, senior vice president, GE Capital Solutions, Franchise Finance. "These were significant transactions and are a testament to both parties that we were able to complete them in a timely fashion."
Jalaram president Kanti Patel is an experienced operator, with nine properties. He looked to the lender for its expertise in the hospitality sector, as well as its ability to provide access to capital.
"We wanted a lender that could provide us the resources we needed to continue the growth of our business," says Patel. "GE Capital Solutions, Franchise Finance gave us not only the funding we needed, but also an intimate knowledge of the hotel industry."
GE Capital Solutions, Franchise Finance is dedicated to working with its customers to build financing platforms that allow them to run their businesses on their own terms. Offering a full array of products, including flexible structuring for purchasing real estate, acquisitions, or refinancing, GE Capital Solutions, Franchise Finance sees a blossoming relationship with Jalaram.
"We certainly hope to do more with Jalaram," says Feltes. "We've set the foundation for a relationship that can serve us well into the future."
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.
CONTACT
GE Capital Solutions, Franchise Finance, Scottsdale
Christine Roe, 480-563-6260
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or
Arment Dietrich
Gini Dietrich, 312-787-7249
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Stephen White