GE Capital Loans $6.5 Million to Wright Investment Properties, Inc.
Funds will be used to refinance Memphis-based Residence Inn
SCOTTSDALE, Ariz. -- September 3, 2013
GE Capital’s Franchise Finance business announced today that it has loaned
$6.5 million to Wright Investment Properties, Inc. (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,
“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.”
Located downtown, the property was built in 1930 and is on the National
Register of Historic Places. WIP owned the property from 2003-2007; it bought
the hotel back in November 2012.
“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.”
About Wright Investment Properties, Inc.
Wright Investment Properties, Inc. is a leading national hotel management and
development company based in Cordova, TN. It was founded in 1982 and currently
manages 44 hotels in 16 states. An operator of both franchised and independent
properties, it is affiliated with the following hotel brands: Marriott,
Hilton, Intercontinental Hotels Group, Starwood Hotels, Carlson Hotels,
Choice, Cendant and Best Western. For more information, go to
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the U.S. franchise
finance market via direct sales and portfolio acquisitions. With more than 30
years of experience and $8 billion in served assets, it provides financing to
more than 2,000 customers. The business specializes in financing mid-market
operators with multiple stores in the restaurant and hospitality industries.
Its team of industry experts works with entrepreneurial customers to help them
develop individualized growth plans. GE Capital, Franchise Finance customers
also receive access to its proprietary industry research and cutting-edge
digital tools. For more information, visit http://www.gefranchisefinance.com
or follow company news via Twitter (https://twitter.com/GELendLease).
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (https://twitter.com/GECapital).
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works. For more information,
visit the company's website at www.ge.com.
GE Capital, Americas
Lisa Tibbitts, 203-956-4582
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