HB ON THE SCENE: GE Commercial Finance Closes Financing Deal With Jameson Inns

PHOENIX— GE Commercial Finance, Franchise Finance announced at the 2005 Lodging Conference that it has provided a $24.3-million loan to the operator of Jameson Inn and Signature Inn locations. This marks the second deal in which GE Commercial has provided debt financing to Jameson Inns. Last year, Jameson Inns secured a $12 million financing package from GE Commercial. Jameson Inns obtained fixed-rate financing in the most recent deal. Furthermore, GE Commercial has supplied $6.2 million in financing to the principals of Sarasota, FL-based Finergy Development, which used the loan to convert a failed assisted-living development into a Homewood Suites in Sarasota. At this year’s Hilton Hotels convention, the Sarasota Homewood won the companys best conversion of the year award. Finergy benefited further from the financing transaction because it took advantage of a joint effort between Hilton and GE Commercial that rewards new Hilton franchisees with HiltonHonors program points. Finergy received one million HHonors points because it took out a loan with GE Commercial that was worth less than $10 million. Borrowers who are new Hilton brand franchisees that take out loans in excess of $10 million receive two million HHonors points.