The FINANCIAL — GE Capital, Canada announced on July 6 it has provided an $11 million term loan to AP2 Developments, the owner of the Holiday Inn at the Winnipeg Airport.
The majority of the funds will to be used to refinance existing debt; the remainder will be used for working capital, according to GE.
The 151-room, five-story hotel – officially known as Holiday Inn & Suites Winnipeg Airport at Polo Park – was originally built in 1961, and re-opened in 2012 after a substantial redesign and renovation by AP2 Developments. The capital of Manitoba, Winnipeg has a population of approximately 700,000, making it the seventh-largest city in Canada.
“Since reopening in 2012, this property has seen rising occupancy,” said Angelo Paletta, a principal of AP2 Developments, the project’s sponsor. “We’re grateful to GE Capital for recognizing its potential and delivering a successful outcome for us.”
“The outlook for the Winnipeg hospitality market is positive,” said Edward Khediguian, senior vice president of GE Capital’s Franchise Finance business in Canada. “This deal highlights what has been our successful formula for hotel lending across Canada over the last 12 years, which is doing business with experienced owners, in strong markets, and with the right brand solution.”