Hotelier Uses Nearly $75 Million from GE Capital Solutions, Franchise Finance for Three Acquisitions
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--In an effort to build its portfolio and broaden its scope, Supertel Hospitality, Inc., has acquired 27 hotels through a three-part financing agreement with GE Capital Solutions, Franchise Finance.
"We saw several investment opportunities and wanted to take advantage of them," says Don Heimes, chief financial officer, Supertel Hospitality, Inc. "The acquisition aligns with our long-term vision and offered us a chance to expand our portfolio. The financing from GE Capital Solutions, Franchise Finance is ideal for realizing our vision because it is tailored to our growth strategy and offers flexibility."
The first phase of the $75 million financing included $21.3 million for the acquisition of seven properties in the southeast.
The second financing included $15.6 million for five hotels located in Georgia, Idaho, Indiana, Maine, and Montana.
The third financing included $36.3 million for the acquisition of 15 Masters Inn hotels.
The newly acquired hotels include 3,408 rooms, a significant addition to the more than 6,500 rooms already included in the Supertel Hospitality, Inc. portfolio.
"We congratulate Supertel for taking advantage of this opportunity," says Tom Clearwater, vice president of hospitality finance, GE Capital Solutions, Franchise Finance. "We worked with them to develop flexible financing that funded their growth on their timeline and budget, and the result has been a development deal that is mutually beneficial."
The company currently owns 113 hotels in 24 states: Arkansas, Iowa, Kansas, Missouri, Nebraska, South Dakota, Wisconsin, Delaware, Florida, Indiana, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, West Virginia, Georgia, South Carolina, Idaho, Maine, Montana, Louisiana, and Alabama.
In addition to the recently acquired Savannah Suites and Masters Inn, the Supertel portfolio includes Super 8, Supertel Inn, Comfort Inn/Comfort Suites, Hampton Inn, Holiday Inn Express, Suites at Key Largo, Days Inn, Ramada Limited, Guest House Inn, and Sleep Inn locations.
GE Capital Solutions, Franchise Finance provides financing to help franchisees and franchisors grow, compete, and prosper through purchase, acquisition, 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
Gini Dietrich, 312-787-7249
[email protected]
or
GE Capital Solutions, Franchise Finance, Scottsdale
Christine Roe, 480-563-6260
[email protected]
Stephen White