GE Capital, Franchise Finance Provides $12.4 Million to Hilton Garden Inn® Operators, Paragon Hotel Company
SCOTTSDALE, Ariz.--10 August 2011-- GE Capital, Franchise Finance recently provided $12.4 million to Lynchburg Hotel Group, LLC, a unit of Paragon Hotel Company, for the refinancing of a Hilton Garden Inn®, located in Lynchburg, Virginia. Funding was provided through GE Capitals bank affiliate, GE Capital Financial Inc.
GE Capital, Franchise Finance made the financing process easy and straightforward. We are very appreciative of GEs flexibility and timeliness, says Ricky Patel, President, Paragon Hotel Company. We look forward to building our relationship with them as we continue to grow in the hospitality field.
Paragon Hotel Company currently owns and operates 17 hotels throughout the Southeast United States.
It was a pleasure working on our first transaction with Paragon, We look forward to more opportunities to help them continue their growth, said Jim Petty, vice president, GE Capital, Franchise Finance.
Paragon Hotel Company is a hotel ownership/management corporation with a wide portfolio of hotels including Hilton, Marriott, Intercontinental, Best Western, Choice, Carlson Hotels Worldwide, and Wyndham Worldwide franchises.
Hilton Garden Inn® is a moderately-priced hotel brand that is designed for business and leisure travelers and has received the highest honors in the J.D. Power and Associates 2009 North America Hotel Guest Satisfaction Index Study. The majority of Hilton Garden Inn properties are independently owned and operated.
About GE Capital, Franchise Finance
GE Capital, 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 $12 billion in served assets, we serve over 5,000 customers and over 22,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop growth plans with access to our proprietary industry research and customized tools. More information is available at www.gefranchisefinance.com or by calling 866-GET-GEFF (438-4333).
NOTES TO EDITORS
GE Capital, Franchise Finance
SVP, Hotel Sales Manager