TORONTO, July 6, 2015 /CNW/ - GE Capital, Canada announced it has provided an $11 million term loan to AP2 Developments, the owner of the Holiday Inn at the Winnipeg Airport. The majority of the funds will to be used to refinance existing debt; the remainder will be used for working capital.
The 151-room, five-story hotel – officially known as Holiday Inn & Suites Winnipeg Airport at Polo Park – was originally built in 1961, and re-opened in 2012 after a substantial redesign and renovation by AP2 Developments. The capital of Manitoba, Winnipeg has a population of approximately 700,000, making it the seventh-largest city in Canada.
"Since reopening in 2012, this property has seen rising occupancy," said Angelo Paletta, a principal of AP2 Developments, the project's sponsor. "We're grateful to GE Capital for recognizing its potential and delivering a successful outcome for us."
"The outlook for the Winnipeg hospitality market is positive," said Edward Khediguian, senior vice president of GE Capital's Franchise Finance business in Canada. "This deal highlights what has been our successful formula for hotel lending across Canada over the last 12 years, which is doing business with experienced owners, in strong markets, and with the right brand solution."
About GE Capital, Canada
With 17 offices throughout Canada, GE Capital (www.gecapital.ca) offers a wide variety of financial products and services to address commercial financing across many phases of a business' lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our 30 years of experience in the Canadian market and our wealth of industry expertise to develop custom solutions for businesses. Some of the industries in which we specialize include transportation, construction, manufacturing, aerospace, automotive, mining, energy, wholesale, retail, and restaurant and hotel franchise financing.
GE Capital's Franchise Finance business is a leading lender to the Canadian restaurant and hospitality industries. We specialize in financing regional and national restaurant businesses of all sizes across the country. In the past 12 years, we've financed more than 750 restaurant customers with upwards of 1,525 property locations. That's in excess of $1.35 billion invested in the Canadian restaurant space. In the Canadian hotel market, we provide financing for nationally known brands in the limited-service and select-service segments of the industry.
GE (NYSE: GE) imagines things others don't, builds things others can't and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com
SOURCE GE CAPITAL CANADA
For further information: GE Capital, Lisa Tibbitts, 203-956-4582, [email protected]