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GE Capital Franchise Finance Loans $6.5MM to Wright Investment Properties

September 03, 2013, 08:04 AM
Filed Under: Real Estate

GE Capital's Franchise Finance business announced 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 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."

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.

GE Capital, Franchise Finance is a leading lender for the U.S. franchise finance market via direct sales and portfolio acquisitions.

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