GE Capital Solutions Loans Supertel $18+ Mil
JUNE 25, 2008. GE Capital Solutions, Franchise Finance, is proud to announce the $18.1 million financing of Supertel Hospitality's purchase of 10 hotels comprised of the following flags: Comfort Inn, Comfort Suites, Days Inn, Quality Inn, Sleep Inn, and Super 8 hotels in Kentucky, South Dakota, and Wisconsin.
Supertel Hospitality currently owns 125 hotels in the limited-service, economy, and economy extended-stay sectors. "These acquisitions are a great opportunity for Supertel Hospitality, and we're happy to continue to be a part of their success," says Tom Clearwater, vice president, GE Capital Solutions Franchise Finance. "Companies need to develop their portfolio. The financing we provide helps franchisees to grow, compete, and prosper."
Supertel acquired 27 hotels in 2007, and with the help of GE Capital Solutions, Franchise Finance, they begin 2008 with the acquisition of 10 properties.
"This financing really opens up some doors for us early in the year," says Paul J. Shulte, chairman, president, and chief executive officer, Supertel Hospitality. "These acquisitions fit into our investment mold, and they are great additions to our list of properties. Our growth strategy looks to acquire hotels that have proven historical cash flows, and are nationally or regionally franchised hotels, are located within existing geographic clusters, and have situations where they can add value with their operating discipline."
Supertel Hospitality, Inc., a real estate investment trust, engages in the ownership and acquisition of limited-service hotels in the United States. Supertel Hospitality is headquartered in Norfolk, Neb.
GE Capital Solutions, Franchise Finance is a leading lender serving customers in the restaurant, hospitality and branded beverage industries. It provides financing to help franchisees and franchisors grow, compete, and prosper. It offers access to capital with a diverse array of flexible financing options, including funds for purchasing real estate or equipment, new construction or remodels, acquisitions, or refinancing.
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