Montreal -- GE Capital, Franchise Finance announced today that it has recently provided a $15 million senior term loan facility to Temple Real Estate Investment Trust (TSX Venture: "TR.UN") to support the acquisition of the Radisson Hotel & Suites Fort McMurray, Alberta.
Arni Thorsteinson, president & CEO, Temple REIT, Inc., said, "GE Capital proved to be very responsive to our needs and we are very pleased with the execution of this transaction."
"We are very pleased to be able to support Temple REIT in this acquisition," explained Edward Khediguian, senior vice president, GE Capital, Franchise Finance, Canada. "We have financed over $1B in hotel transactions in Canada over the last 10 years, and remain committed to the industry."
Temple REIT is an open-ended real estate investment trust focused on owning and acquiring hotel properties in primary and secondary markets across Western Canada. The REIT owns and operates 11 properties (1,375 guest rooms) across Western Canada with 7 hotels (768 guest rooms) located in the Fort McMurray market.
Offering 134 guest rooms, over 5,600 SF of flexible meeting space, indoor pool, whirlpool, fitness centre, restaurant and business centre, the Radisson Hotel & Suites Fort McMurray has been an integral part of the region's hotel market since 2003. The Hotel is located along Highway 63 midway between downtown Fort McMurray and the MacKenzie Industrial Park. Fort McMurray is considered to be the heart of the Alberta Oil Sands and home to the largest concentration of energy commerce in the country.
About GE Capital Franchise Finance
GE Capital, Franchise Finance is a leading lender for the franchise finance market serving the restaurant and hospitality industries. We are a leading lender in the Canadian hotel market, providing financing for nationally known 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 and fleet management 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 your company. Some of the industry sectors we specialize in include transportation, construction, healthcare, agriculture, forestry, manufacturing, oil & gas, wholesale & retail, restaurant and hotel franchise.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital).
Ned Reynolds
GE Capital
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