Press release from Business Wire
GE Capital Loans $6.5 Million to Wright Investment Properties, Inc.
<p> Funds will be used to refinance Memphis-based Residence Inn </p>
Tuesday, September 03, 2013
GE Capital Loans $6.5 Million to Wright Investment Properties, Inc.08:00 EDT Tuesday, September 03, 2013
SCOTTSDALE, Ariz. (Business Wire) -- GE Capital's Franchise Finance business announced today that it has loaned $6.5 million to Wright Investment Properties, Inc. (WIP), a hotel management and development company based in Cordova, TN. The majority of the funds will be used to refinance and renovate a 90-room Residence Inn situated in Memphis, TN.
“We're actively pursuing acquisitions and we believe we have a proven formula for growth,” said Larry Wright, Jr., president and chief executive officer of WIP. “We're pleased to work with GE Capital because we believe they have the industry expertise we need to help us continue to succeed.”
Located downtown, the property was built in 1930 and is on the National Register of Historic Places. WIP owned the property from 2003-2007; it bought the hotel back in November 2012.
“WIP is an experienced hotel developer and operator,” said Jim Petty, senior vice president of hotel originations with GE Capital, Franchise Finance. “It's a pleasure to assist successful companies with their growth plans.”
About Wright Investment Properties, Inc.
Wright Investment Properties, Inc. is a leading national hotel management and development company based in Cordova, TN. It was founded in 1982 and currently manages 44 hotels in 16 states. An operator of both franchised and independent properties, it is affiliated with the following hotel brands: Marriott, Hilton, Intercontinental Hotels Group, Starwood Hotels, Carlson Hotels, Choice, Cendant and Best Western. For more information, go to http://www.wrightinvestments.com/.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance 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 $8 billion in served assets, it provides financing to more than 2,000 customers. The business specializes in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Its team of industry experts works with entrepreneurial customers to help them develop individualized growth plans. GE Capital, Franchise Finance customers also receive access to its proprietary industry research and cutting-edge digital tools. For more information, visit http://www.gefranchisefinance.com or follow company news via Twitter (https://twitter.com/GELendLease).
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (https://twitter.com/GECapital).
GE (NYSE:GE) 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. For more information, visit the company's website at www.ge.com.
GE Capital, Americas
Lisa Tibbitts, 203-956-4582