Daily News: October 24, 2013

GE Capital Finances Temple Hotels Acquisition

GE Capital, Canada’s Franchise Finance business announced that it has provided $14.5 million to Temple Hotels to support the acquisition of a Holiday Inn Express in Ottawa West, Ontario.

The six-story, limited-service property, which has 115 guestrooms, is located in the West Ottawa neighborhood of Nepean.

“GE has become a trusted finance provider for us,” said Arni Thorsteinson, Temple Hotels’ president and chief executive officer. “When we’re considering a new acquisition, we turn to the Franchise Finance team at GE Capital because they have a deep understanding of our business and the hotel sector overall.”

“Temple Hotels has been a client of ours since early 2012, when we financed its acquisition of the Radisson Fort McMurray hotel,” said Edward Khediguian, senior vice president of GE Capital’s Franchise Finance business. “We value our relationships in this industry. We know our clients trust our ability to provide value-add growth capital with competitive structures that help them build value and expand their businesses.”

Temple Hotels is a real estate investment company based in Winnipeg, Manitoba. The largest hotel owner in Fort McMurray, Alberta, it has been actively diversifying its hotel portfolio across Canada. It currently owns more than 24 properties with approximately 3,000 rooms.