PRZOOM - /newswire/ -
Scottsdale, AZ, United States, 2013/09/04 - Funds will be used refinance a Homewood Suites in Kennesaw, GA - VHGhotels.com / GEFranchiseFinance.com. NYSE: GE
GE Capital’s Franchise Finance business announced today that it has loaned $9.325 million to Vision Hospitality Group, Inc., a hotel management and development company based in Chattanooga, TN. The funds will be used to refinance outstanding debt on a 100-room Homewood Suites by Hilton property in Kennesaw, GA.
“As we continue to grow, we need to have a lender that can keep growing with us,” said Mitch Patel, president and chief executive officer of Vision Hospitality Group. “My company has an unwavering commitment to quality, integrity and sustainability, and it’s a pleasure to work with a company that has similar values.”
After completing graduate school in 1993, Patel worked as a project engineer, managing the design and development of projects in the Atlanta metro area. In 1996, he developed his first hotel property. Today, his company has 25 properties in its portfolio representing the Hilton, Marriott, Hyatt and InterContinental Hotels Group brands.
“It’s inspiring to work with entrepreneurs like Mitch Patel,” said Jim Petty, senior vice president of hotel originations with GE Capital, Franchise Finance. “This is our second transaction together and we’re glad to continue this relationship.”
About Vision Hospitality Group, Inc.
Founded in 1997, Vision Hospitality Group, Inc. (vhghotels.com) is a family-owned and operated company. With multiple properties in its new development pipeline, it continues to grow while maintaining an extraordinary focus on community involvement in all of its locations.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance (gefranchisefinance.com) 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. 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.