SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov. 4, 2005--Allowing a regional hotel chain more flexibility in planning for the future, GE Commercial Finance, Franchise Finance provided a $24.3 million loan to the operator of Jameson Inn and Signature Inn locations.
Working with the hotelier to provide a fixed rate on its debt, this marks the second time GE Commercial Finance, Franchise Finance and Atlanta-based Jameson Inns have worked together in two years. Last year, the companies completed a deal worth $12 million.
"We had a short window of time to complete this deal, and GE Commercial Finance, Franchise Finance helped us move forward quickly," says Jameson Inns president Craig Kitchin. "We knew from experience this would be a smooth transaction, but the speed of it really made us take note."
Patrick Feltes, vice president, southeast region, GE Commercial Finance, Franchise Finance says, "We are excited by the opportunity to work with regional chains like Jameson Inns and help position them to take advantage of future opportunities for growth."
GE Commercial Finance, Franchise Finance finances hotels large and small, including regional chains. Feltes said the regional brand presence Jameson Inns has is what attracted them to the business.
"Jameson Inns has a strong foothold in the southeast and Midwest. We're excited to be a part of their regional growth and this deal shows our commitment to hotels of all sizes. We are dedicated to helping our customers succeed."
For Jameson Inns, the financing deal provides an opportunity to more effectively map out its future.
"Now that the uncertainty of refinancing risk is gone, we are better able to focus on the forward direction for Jameson Inns" says Kitchin.
Founded in 1988, Jameson Inns operates more than 120 locations in the southeast and Midwest. The loan provided by GE Commercial Finance, Franchise Finance affects 12 locations in Florida, Kentucky, North Carolina, Louisiana, and Tennessee.
About GE Commercial Finance, Franchise Finance
GE Commercial Finance, Franchise Finance 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, Franchise Finance serves more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, storage, and automotive industries. Franchise Finance 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 more than 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
Arment Dietrich
Gini Dietrich, 312-787-7249
[email protected]
or
GE Commercial Finance, Franchise Finance
Christine Roe, 480-563-6260
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340