GE Capital Brings Town Place Suites to Albany
FEBRUARY 15, 2008. To repurpose a former senior assisted living center in Albany, N.Y., GE Capital Solutions, Franchise Finance loaned $6.3 million to the True North Development Group. The interest only loan is being used to create a new Town Place Suites by Marriott extended stay hotel.
The seven-story building set to house the new hotel was vacant for three years. The hotel acts as a buffer between industrial and residential areas and is part of the local Industrial Development Agency (IDA) incentive program to create new jobs and revenue for the city.
When work is completed in late spring or early summer of 2008, the hotel will boast 106 rooms, breathing new life into the surrounding community and economy.
"The unique relationship between True North and the IDA resulted in a complex deal-making process, but we kept our lines of communication constantly open and ended up with a deal that works for everyone," says Patrick Feltes, vice president, GE Capital Solutions, Franchise Finance.
The recycling of the existing structure is standard for True North Development Group as they exclusively develop properties that help the environment and pride themselves on green building practices. The renovation and construction capitalizes on the trend of reusing abandoned or neglected buildings, making them into new, viable businesses.
"GE Capital Solutions, Franchise Finance did a great job structuring and executing our deal," says Lee Browning, Jr. principal, True North Albany Extended Stay, LLC. "Not only did they walk us through the process, but we got to know their whole team and developed a strong relationship that will continue for years to come."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
