Daily News: September 6, 2012

GE Capital Provides $15MM to Summit Hotel Properties


GE Capital, Franchise Finance said it provided $15 million to Summit Hotel Properties. The funding provides $9.75 million for a Courtyard by Marriott and $5.25 million for a Springhill Suites by Marriott to refinance existing debt on the two hotels.

“We have a long-standing relationship with GE Capital, Franchise Finance,” said Dan Hansen, president and CEO, Summit. “We appreciate the consistency in their product, process, and execution, all of which allow us to grow more efficiently.”

Based in Sioux Falls, Summit owns 74 hotels in 20 states and focuses on acquiring and owning premium-branded, select-service hotels. It most recently added its 74th hotel with a Residence Inn by Marriott in Arlington, TX.

“We are very pleased to be able to build on our already extensive relationship with Summit,” said Jim Petty, senior vice president, GE Capital, Franchise Finance.