Wright Investment Properties Secures $6.5M for Refi, Reno
Wednesday September 4th, 2013 - 8:59AM SG
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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 •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.