Creative Hotel Associates Refinances 11 Hotels with Funding From GE Commercial Finance, Franchise Finance.

SCOTTSDALE, Ariz. -- Creative Hotel Associates (CHA), along with Neptune Hospitality Advisors, recently completed a $37 million refinancing deal with GE Commercial Finance, Franchise Finance (GEFF).

GEFF was the sole lender and arranger of the refinancing, which included 11 Marriott, Hilton, Choice, and Best Western hotels in Colorado, Florida, New Mexico, and Vermont. Overall, CHA owns 14 hotels, with a 15th under development. This deal helps CHA develop and acquire more properties as they look toward future expansion.

"We talked to a number of lenders and chose GEFF because they were able to put together a deal that met our specific needs," says Rick Kaden, partner, CHA, which is based in Rockville, Md.

Neptune Hospitality Advisors, a hotel-only mortgage broker in San Diego facilitated the deal, which was their third with GEFF since 2002.

"Flexibility in terms of structure and strategy was critical for this deal, and GEFF was best able to provide it," says Stan Kozlowski, vice president, Neptune Hospitality Advisors. "When a deal involves 11 hotels in four states, things inevitably come up along the way. GEFF moves quickly and knows their program inside and out, which makes them a great source for financing."

Patrick Feltes, vice president of the hospitality division of GEFF adds the recent deal highlights the company's unique ability to serve the limited-service segment of the hotel industry.

"CHA possessed several qualities that made them attractive," he says. "CHA has well-run hotels, strong cash flow, and experienced management. When undertaking any refinancing, especially one of this magnitude, those qualities are crucial in completing a deal in a timely manner."

In addition to the hospitality industry, GEFF provides financing for new property construction, acquisitions, remodeling, and refinancing to restaurants, branded beverage, and self-storage.

GE Commercial Finance, Franchise Finance (GEFF) is a leading lender for the franchise finance market via direct sales and portfolio acquisition in the United States and Canada. With more than US$12 billion in served assets, GEFF serves more than 6,000 customers in more than 21,000 property locations, primarily in the restaurant, hospitality, branded beverage, storage, and automotive industries. GEFF offers customers access to capital with an array of products featuring flexible structuring, including financing for acquisitions, refinancing, construction of new units, and remodels for single and multi-unit operators/chains. More information is available at www.gefranchisefinance.com or by calling toll-free 866-GET-GEFF (438-4333).

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of more than US$230 billion and is headquartered in Stamford, Conn., USA. General Electric (NYSE: GE) is a diversified technology, media, and financial services company dedicated to creating products that make life better.