Sun Development New Growth
SCOTTSDALE, AZ, Ocotber 6, 2006. Building on a long-standing relationship with Sun Development and Management Corporation, GE Capital Solutions, Franchise Finance is funding the construction of six new hotels with a $60 million development line of credit.
"During the last several years, we've worked with Sun Development multiple times," says Tom Clearwater, vice president, hospitality finance, GE Capital Solutions, Franchise Finance. "We're fortunate to have such a loyal customer and look forward to working with them as they expand their portfolio and continue to grow."
Sun Development owns and operates more than 27 hotels in nine states under various flags and has 17 new hotels with 2,100 rooms under different stages of development. Sun is using the development line of credit to build six new hotels during the next two years, including the recently completed Hampton Inn & Suites and five hotels in Florida and New Jersey under the Hilton, Marriott, and IHG brands.
"Our development line of credit is an easy way for franchise owners to expand their business without the paperwork typically associated with financing," says Clearwater. "They are able to apply once, get approval upfront, and receive capital almost immediately for each new build. It is an ideal solution for Sun Development because it provides them the capital they need to fund their construction with the flexibility to grow at their own pace."
The relationship between GE Capital Solutions, Franchise Finance and Sun Development has included several financing agreements. One notable deal between the two companies is the refinancing of 19 hotels last year, totaling $73 million.
"After years of working with GE Capital Solutions, Franchise Finance, we've developed a trusting, long-term relationship that has helped us expand our portfolio and optimize our growth potential," says Bharat Patel, president and CEO, Sun Development. "We appreciate their flexibility, long-term vision, and understanding of the hospitality industry."
The Sun Development portfolio includes a variety of established hospitality brands under the Hilton, Marriott, IHG, and Choice brands.
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