In an effort to build its portfolio and broaden its scope, Supertel Hospitality has acquired 27 hotels through a three-part financing agreement with GE Capital Solutions, Franchise Finance.We saw several investment opportunities and wanted to take advantage of them,” says Don Heimes, chief financial officer, Supertel Hospitality, Inc. “The acquisition aligns with our long-term vision and offered us a chance to expand our portfolio. The financing from GE Capital Solutions, Franchise Finance is ideal for realizing our vision because it is tailored to our growth strategy and offers flexibility.”
The first phase of the $75 million financing included $21.3 million for the acquisition of seven properties in the southeast.
The second financing included $15.6 million for five hotels located in Georgia, Idaho, Indiana, Maine, and Montana.
The third financing included $36.3 million for the acquisition of 15 Masters Inn hotels.
The newly acquired hotels include 3,408 rooms, a significant addition to the more than 6,500 rooms already included in the Supertel Hospitality, Inc. portfolio.
“We congratulate Supertel for taking advantage of this opportunity,” says Tom Clearwater, vice president of hospitality finance, GE Capital Solutions, Franchise Finance. “We worked with them to develop flexible financing that funded their growth on their timeline and budget, and the result has been a development deal that is mutually beneficial.”
The company currently owns 113 hotels in 24 states: Arkansas, Iowa, Kansas, Missouri, Nebraska, South Dakota, Wisconsin, Delaware, Florida, Indiana, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, West Virginia, Georgia, South Carolina, Idaho, Maine, Montana, Louisiana, and Alabama.
In addition to the recently acquired Savannah Suites and Masters Inn, the Supertel portfolio includes Super 8, Supertel Inn, Comfort Inn/Comfort Suites, Hampton Inn, Holiday Inn Express, Suites at Key Largo, Days Inn, Ramada Limited, Guest House Inn, and Sleep Inn locations.
GE Capital Solutions, Franchise Finance provides financing to help franchisees and franchisors grow, compete, and prosper through purchase, acquisition, or refinancing.