NewswireToday - /newswire/ -
Scottsdale, AZ, United States, 2014/10/20 - GE Capital’s Franchise Finance (GEFF) business announced today that it has provided a $45 million term loan to Bennett Hospitality - GEFranchiseFinance.com. NYSE: GE
The funds will be used to refinance two hotels, an Embassy Suites and a Hampton Inn, and a parking garage, located in the historic district of Savannah, GA.
Based in Charleston, S.C., Bennett Hospitality operates 16 hotels under the Hilton and Marriott flags. Founded in 1983 by Michael R. Bennett, the company is one of the largest locally-owned property development companies.
Bennett Hospitality built the Hampton Inn in 2006 and completed the adjacent Embassy Suites and parking garage in December 2013. Both are high-quality properties in a popular tourist destination, consistent with Bennett’s strategy of creating businesses that serve customers for multiple generations.
“I view GE Capital as my financing partner, not just as a traditional lender,” said Bennett, whose company has financed more than $100 million through GE Capital.
“Our approach to financing the hospitality industry is based on building long-standing relationships,” said Scott Andrews, senior managing director responsible for hospitality financing at GEFF. “We look forward to helping Bennett continue on their growth trajectory.”
The transaction was originated by Jim Petty, senior vice president at GEFF responsible for hospitality financing in the Southeast region.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance (gefranchisefinance.com) is a leading lender for the U.S. franchise finance market via direct sales and portfolio acquisitions. With more than 30 years of experience and over $6 billion in served assets, it provides financing to more than 2,000 customers and 14,000 properties. The business specializes in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Its team of industry experts helps them realize their individualized growth plans. GE Capital, Franchise Finance customers also receive access to its proprietary industry research and cutting-edge digital tools.
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services.
GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.