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GE Capital Provides $18.5MM for SpringHill Suites’ Acquisiton

October 09, 2014, 07:31 AM
Filed Under: Real Estate

GE Capital’s Franchise Finance (GEFF) business announced that it has provided an $18.5 million term loan to Noble Investment Group, LLC, to acquire the SpringHill Suites Miami Airport South location. Positioned in the heart of the Blue Lagoon office park, the 150-room SpringHill Suites overlooks a lake and caters to multi-national companies doing business in Miami.

Founded in 1993, Noble has invested approximately $2.5 billion in primarily upscale select service and extended-stay hotels throughout the U.S. The organization currently owns 52 hotels in 19 states. Its representative brands include Marriott, Hyatt, Hilton, InterContinental Hotels Group (IHG) and Starwood.

“Throughout the two decades since we were formed, we’ve been careful to work with lenders who really understand the hospitality industry,” said Noble principal Adi Bhoopathy. “Noble and GE Capital began doing business in 1994, and we continue to value the firm’s expertise and our financing relationship."

“The hospitality industry is definitely enjoying an upswing right now,” said Jim Petty, senior vice president responsible for hospitality financing in the Southeast at GEFF. “We’re pleased to build on our long relationship with the team at Noble, who have a sophisticated long-term investment strategy.”

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 over $7 billion in served assets, it provides financing to more than 2,000 customers and 14,000 properties. The business specializes in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Its team of industry experts helps them realize their individualized growth plans. GE Capital, Franchise Finance customers also receive access to its proprietary industry research and cutting-edge digital tools.

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