GE Capital, Franchise Finance Provides $11.8 Million to Marriott SpringHill Suites® Operators, Advance Management and Investment, LLC
SCOTTSDALE, Ariz.--13 July 2011-- GE Capital, Franchise Finance recently provided an $11.8 million term loan to hotel operators Advance Management & Investment, LLC for the refinancing of a SpringHill Suites® by Marriott® located in Temecula, California. Funding was provided through GE Capitals bank affiliate, GE Capital Financial Inc.
We were very pleased to work with the GE Capital team and look forward to future endeavors together, said Nilay Patel, managing partner, Advance Management & Investment. It was our first time financing with them and we were pleased with their industry expertise and ability to work within our timeframe.
Advance Management & Investment operates and manages hotels under the various flags associated with Marriott and other high-profile brands; it is located in Kingman, Arizona. It currently owns and operates 15 hotels throughout California and Arizona.
This was our first time working with Advance Management, said Patrick Feltes, senior vice president, GE Capital, Franchise Finance. With slightly less than two years of operating history for the Temecula property, the hotel was performing very well and we saw that as an opportunity to deliver value to a new customer and, in turn, develop a lasting relationship.
SpringHill Suites® by Marriott® are all-suite hotels with more than 230 locations worldwide.
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).