Wright Investment Properties Secures $6.5M for Refi, Reno
Wednesday September 4th, 2013 - 8:59AM SG
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
CORDOVA, TN—GE Capital’s Franchise Finance business loaned $6.5 million to Wright Investment Properties, Inc., a hotel management and development company here. The majority of the funds will be used to refinance and renovate a 90-room Residence Inn in Memphis, according to the hotel company.
Located downtown, the property was built in 1930 and is on the National Register of Historic Places. Wright Investment Properties owned the property from 2003-2007; it bought the hotel back in November 2012.
“We’re actively pursuing acquisitions and we believe we have a proven formula for growth,” said Larry Wright Jr., president/CEO.
Wright Investment Properties, Inc. currently manages 44 hotels in 16 states.
Tags: Wright • GE Capital • Hospitality • Construction/Renovation • Sources of Funding •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.