GE Capital's Canadian Franchise Finance has provided senior debt to Toronto-based Bayview Hospitality Group to be used to refinance existing debt and allow operating partners to buy out the investor shareholders of four properties: three Homewood Suites and one Hampton Inn & Suites in the greater Toronto area. The amount was not disclosed.
Bayview Hospitality operates six hotels with a total of 1,006 rooms.
"We've been working with GE Capital since opening our first Homewood Suites hotel in 2004," said Alnoor Gulamani, president of Bayview Hospitality. "When we first decided to develop this brand in Canada, the extended-stay segment was virtually non-existent and misunderstood here. With GE Capital's help, we have been able to realize our vision and successfully build our portfolio of Hilton-branded extended-stay properties."
"We're pleased to continue our long-standing relationship with Bayview Hospitality," said Edward Khediguian, senior vice president of GE Capital's Franchise Finance business in Canada. "Al and his team diligently executed their plan. Our expertise in the space allowed us to support Bayview's expansion and ownership consolidation. We're always looking for ways to help clients build value, grow their businesses and create return on invested equity."
GE Capital, Franchise Finance is a lender to the franchise finance market. Over the past 10 years, it says it's financed more than $1.7 billion in hotel transactions in the Canadian market.