Wednesday September 4th, 2013 - 8:59AM
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.