GE Franchise Finance Provides Bennett Hospitality Facility
GE Capital, Franchise Finance announced that it provided a $45 million term loan to Bennett Hospitality. The funds will be used to refinance two hotels, an Embassy Suites and a Hampton Inn, and a parking garage, located in the historic district of Savannah, GA.
Charleston, SC-based Bennett Hospitality operates 16 hotels under the Hilton and Marriott flags. Founded in 1983 by Michael R. Bennett, the company is one of the largest locally-owned property development companies.
Bennett Hospitality built the Hampton Inn in 2006 and completed the adjacent Embassy Suites and parking garage in December 2013. Both are high-quality properties in a popular tourist destination, consistent with Bennett’s strategy of creating businesses that serve customers for multiple generations.
“Our approach to financing the hospitality industry is based on building long-standing relationships,” said Scott Andrews, senior managing director responsible for hospitality financing at GE Capital, Franchise Finance. “We look forward to helping Bennett continue on their growth trajectory.”