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Commercial Real Estate

Nov. 5 - Bennett Hospitality, owner of the Hampton Inn and parking garage, secures $45 mil in financing

Category: Commercial Real Estate

By Lou Phelps, Savannah Business Journal

November 5, 2014 - Charleston, S.C. headquartered Bennett Hospitality, operator of 16 hotels under the Hilton and Marriott flags including the new Hampton Inn in Savannah, has secured a $45 million term loan GE Capital’s Franchise Finance (GEFF).  

The funds will be used to refinance two hotels, the Embassy Suites and the Hampton Inn on MLK Jr. Blvd in Savannah which includes a parking garage, all located in the historic district of Savannah, according to an announcement by GE Capital.   

Founded in 1983 by Michael R. Bennett, the Bennett Hospitality company is one of the largest locally-owned property development companies in the Charleston area.

Bennett Hospitality built the Hampton Inn in 2006 and completed the adjacent Embassy Suites and parking garage in December 2013. Both are high-quality properties in a popular tourist destination, consistent with Bennett’s strategy of creating businesses that serve customers for multiple generations, according to the company.

“I view GE Capital as my financing partner, not just as a traditional lender,” said Bennett, whose company has financed more than $100 million through GE Capital.

“Our approach to financing the hospitality industry is based on building long-standing relationships,” said Scott Andrews, senior managing director responsible for hospitality financing at GEFF. “We look forward to helping Bennett continue on their growth trajectory.”

The transaction was originated by Jim Petty, senior vice president at GEFF responsible for hospitality financing in the Southeast region.

PHOTO:  Above, the Hampton Inn at 201 MLK Jr. Blvd. in Savannah's Historic District.

© Copyright by SavannahBusinessJournal.com 2014, a digital publication of Coastal Empire News, Savannah, GA. All Rights Reserved. www.CoastalEmpireNews.com.

 

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