Financing Used for First New Hotel in Northbrook in Nearly Two Decades
SCOTTSDALE, Ariz. & NORTHBROOK, Ill.--(BUSINESS WIRE)--GE Capital Solutions, Franchise Finance is providing $16.4 million in financing to the first new hotel in Northbrook, Ill., in nearly two decades. The Northbrook Sheraton will cater to area business travelers and visiting families.
The Northbrook Sheraton is the brainchild of Salita Development, a relatively new player in the hotel market. To receive the backing of Starwood Hotels, parent to Sheraton, Salita Development Founder Eric Nordness was required to partner with a Starwood recommended management company. He ultimately opted to work with RIM Hospitality, which brings more than 20 years of hotel management experience to the project.
"The Northbrook Sheraton is a case study on how to develop your first hotel," says Tom Clearwater, vice president, hospitality finance, GE Capital Solutions, Franchise Finance. "The powerhouse relationship between Starwood, Salita, and RIM was very helpful to getting the conventional and mezzanine loans approved."
With more than $14 billion in served assets, GE Capital Solutions, Franchise Finance serves more than 6,000 customers and more than 20,000 property locations, in the restaurant, hospitality, branded beverage, power sports, and automotive after-market industries.
"My company's mission is to develop best in class properties, and I knew we'd have to work with best in class companies to accomplish our goals," says Nordness. "GE Capital Solutions, Franchise Finance had all of the ingredients we were looking for, and I'm glad we've developed a relationship. It's one I'd like to continue as Salita Development grows."
GE Capital Solutions, Franchise Finance provides financing to help franchisees and franchisors grow, compete, and prosper. With a reputation for delivering programs that work on a local level for its customers, GE Capital Solutions, Franchise Finance offers a broad spectrum of products and services and unrivaled access to capital to hotel franchisees.
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
GE Capital Solutions, Franchise Finance, Scottsdale
Christine Roe,
480-563-6260
[email protected]
or
Arment Dietrich
Gini Dietrich,
312-787-7249
[email protected]
Stephen White