GE Capital’s Franchise Finance business announced it has loaned $6.5 million to Wright Investment Properties (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.
“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.”
“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.”