SCOTTSDALE, Ariz.--(BUSINESS WIRE)--GE Capital’s Franchise Finance business announced today that it has provided a $31.6 million term loan to NewcrestImage, LLC, to replace the short-term financing used for the construction of a dual-branded Marriott hotel property.
NewcrestImage, a hotel management and construction company based in Irving, TX, has recently opened a Courtyard by Marriott, which has 181 rooms, and a TownePlace Suites by Marriott, which has 120 rooms, on this property. The conjoined hotels are located less than five miles from Dallas Fort Worth Airport in Grapevine, TX, an affluent suburb of Dallas.
“Dual branding is a concept that’s growing in popularity and we’re pleased to be at the leading edge of hotel development,” said Mehul Patel, chairman and chief executive officer of NewcrestImage. “We’re targeting two different price points and hotel segments — in this case, select service and extended stay. We’ve achieved construction cost and operating efficiencies by sharing facilities and resources, such as van service, laundry facilities and meeting space, as well as the general manager and the sales force.”
“We were able to close on NewcrestImage’s construction take-out loan immediately after they received their certificate of occupancy,” said Scott Andrews, a managing director with GE Capital, Franchise Finance. “Construction take-out financing is a valuable option to offer to experienced franchise hotel developers who are expanding their businesses.”
NewcrestImage was formed in January 2013 through the merger of Newcrest Management and Image Hospitality. The two companies had been partnering on projects since 2007. Together, they now operate 16 hotels. For more information, go to http://www.newcrestimage.com/.
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 over $7 billion in served assets, it provides financing to more than 2,000 customers and 14,000 properties. The business specializes in financing mid-market operators with multiple units in the restaurant and hospitality industries. Its team of industry experts helps them realize their 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 (http://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.