Daily News: October 24, 2012

GE Capital Provides $49.75MM to Wheelock Street Capital

GE Capital, Franchise Finance provided a $49.75 million loan to affiliates of Wheelock Street Capital for the acquisition of six hotel properties in North Carolina, Texas and Illinois. The hotels have brand affiliations with Marriott, Hilton InterContinental and Choice.

“We are very pleased to provide a flexible financing solution to support the investment growth strategy at Wheelock,” said Chris Hew, vice president, GE Capital, Franchise Finance.

Headquartered in Boston, MA and Greenwich, CT, Wheelock is a private real estate investment firm focused on opportunities throughout North America. The firm pursues a diversified investment strategy, but has deep experience in the hospitality industry. Wheelock was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran private equity investors, with more than 20 years of real estate experience across all major asset classes.

“We are pleased to be working with GE Capital, Franchise Finance on this high quality select service portfolio,” said Jonathan Paul, managing partner, Wheelock “GE has been responsive, professional, and reliable throughout the entire transaction process and we welcome the opportunity to work with them.”