Announcement of the deals was made today by Jon Wright, GMACCM senior vice president and manager of the Atlanta-based equipment financing group.
According to Wright, a series of five-year, fully-amortized deals have been closed with Holiday Inn & Suites, Salt Lake City; Holiday Inn, Miami; Ramada Hotel, Boca Raton, FL and Bennigan’s Restaurant, Cedar Rapids, IA. Terms of the transactions, which include loans and leases for furniture, fixtures and equipment, were not disclosed.
In addition, Wright reported that GMACCM is in the process of reviewing proposals for financing and product leasing with Marriott, Sheraton, Promus, Wyndham and other hotel franchises, as well as a national healthcare provider that is based in the Southeast.
“The rapid success of our new equipment financing group is made even more dramatic by the substantial level of prospective deals currently in our pipeline,” noted Wright, who was formerly managing director of the financing subsidiary of Holiday Inn Worldwide (Holiday Hospitality Corp.), which provided loans and leases to Holiday Inn and Crowne Plaza brand franchise owners. “Our burgeoning operation reflects GMACCM’s commitment to remaining unsurpassed as a one-stop financial resource.”
A wholly-owned subsidiary of General Motors and the nation’s largest commercial mortgage banker, GMAC Commercial Mortgage operates 34 origination offices throughout the U.S. and is headquartered in Horsham, a suburb of Philadelphia. The diverse lending and servicing specialist has a commercial servicing portfolio that exceeds $40 billion.
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