MONTREAL, Oct. 23, 2013 /CNW Telbec/ - GE Capital, Canada's Franchise Finance business announced today that it has provided $14.5 million to Temple Hotels Inc. (TSX: TPH) to support the acquisition of a Holiday Inn Express in Ottawa West, Ontario.
The six-story, limited-service property, which has 115 guestrooms, is located in the West Ottawa neighbourhood of Nepean.
"GE has become a trusted finance provider for us," said Arni Thorsteinson, Temple Hotels' president and chief executive officer. "When we're considering a new acquisition, we turn to the Franchise Finance team at GE Capital because they have a deep understanding of our business and the hotel sector overall."
"Temple Hotels has been a client of ours since early 2012, when we financed its acquisition of the Radisson Fort McMurray hotel," said Edward Khediguian, Senior Vice President of GE Capital's Franchise Finance business. "We value our relationships in this industry. We know our clients trust our ability to provide value-add growth capital with competitive structures that help them build value and expand their businesses."
Temple Hotels Inc. is a real estate investment company based in Winnipeg, Manitoba. The largest hotel owner in Fort McMurray, Alberta, it has been actively diversifying its hotel portfolio across Canada. It currently owns more than 24 properties with approximately 3,000 rooms.
About GE Capital
GE Capital, Franchise Finance is a leading lender to the franchise finance market, serving the restaurant and hospitality industries. In the Canadian hotel market, we provide financing for nationally recognized brands in the limited and select-service segments of the industry.
With more than 20 offices throughout Canada, GE Capital (gecapital.ca) offers a wide variety of financial products and services to address commercial financing needs in all phases of a business' lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our wealth of industry expertise and develop custom solutions for our customers. Some of the industry sectors we specialize in are transportation, construction, forestry, manufacturing, oil and gas, mining and wholesale and retail, as well as restaurant and hotel franchises.
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.
SOURCE: GE CAPITAL CANADA
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