Tuesday January 21st, 2014 - 10:16AM
SCOTTSDALE, AZ—GE Capital’s Franchise Finance business has provided a $31.6-million term loan to NewcrestImage, LLC, to replace the short-term financing used for the construction of a dual-branded Marriott hotel property.
NewcrestImage, a hotel management and construction company based in Irving, TX, has recently opened a Courtyard by Marriott, which has 181 rooms, and a TownePlace Suites by Marriott, which has 120 rooms, on this property. The conjoined hotels are located less than five miles from Dallas Fort Worth Airport in Grapevine, TX.
“Dual branding is a concept that’s growing in popularity and we’re pleased to be at the leading edge of hotel development,” stated Mehul Patel, chairman and CEO of NewcrestImage. “We’re targeting two different price points and hotel segments—in this case, select service and extended stay. We’ve achieved construction cost and operating efficiencies by sharing facilities and resources, such as van service, laundry facilities and meeting space, as well as the general manager and the sales force.”
“We were able to close on NewcrestImage’s construction take-out loan immediately after they received their certificate of occupancy,” stated Scott Andrews, a managing director with GE Capital, Franchise Finance. “Construction take-out financing is a valuable option to offer to experienced franchise hotel developers who are expanding their businesses.”