GE Commercial Finance, Franchise Finance Provides First Development Line of Credit to Hotel Company; Sun Development and Management Receives $100 million in Financing

SCOTTSDALE, Ariz.--Nov. 1, 20057, 2005--Sun Development and Management Corporation, which owns and operates more than 25 hotels in nine states under various flags, is funding its growth with $100 million in financing from GE Commercial Finance, Franchise Finance. The loan includes the refinancing of existing locations and a development line of credit for future expansion.

"This represents the largest hospitality financing deal we have closed to date, which shows our ability to fund hotels of all sizes," says Greg O'Stean, senior vice president of hospitality financing for GE Commercial Finance, Franchise Finance. "This also is the first hotel development line of credit our business has ever done and we're looking to do more."

For Sun Development and Management Corporation, the financing affects 19 hotels in Mississippi, Indiana, Ohio, Louisiana, Arkansas, Wisconsin, and Illinois and allows them to build equity and improve their product offering to customers. The development line of credit will be used to develop more than 1,000 rooms throughout the eastern United States under the Hilton, Marriott, and Intercontinental Hotels Group (IHG) brands.

"The financing allows Sun Development to continue their growth into new markets with an expanding portfolio of top-quality brands," says O'Stean.

Sun Development and Management Corporation selected GE Commercial Finance, Franchise Finance during the second annual Leadership Institute, which is a unique leadership development program that is offered to franchisees and their representatives from the Owners' Association of Intercontinental Hotels Group (IAHI) member hotels.

IAHI and IHG worked closely with GE Commercial Finance, Franchise Finance to create the curriculum for the program themed, "Creating and Leading Winning Teams and Organizations." The program is held annually at the GE John F. Welch Leadership Center, which trains more than 10,000 employees and customers.

"I realized that working with GE Commercial Finance, Franchise Finance was more than just financing," says Bharat Patel, Sun Development chairman and CEO. "Not only are they helping us with refinancing on our existing portfolio, they are fueling our future growth."

The Leadership Institute is just one of many "At the Customer, For the Customer" (ACFC) programs that GE Commercial Finance, Franchise Finance has developed to help its customers enhance quality and customer service.

Among the leadership-focused topics that comprised the curriculum are sessions on understanding leadership styles, leading effective teams, and collaborative problem solving.

For Patel the decision was easy. "Stay with the people you know and trust," he says.

The two companies worked quickly by leveraging their existing relationship and deep roots in the hospitality industry to complete a rapid deal closing, despite the amount.

About GEFF

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 $11 billion in served assets, GEFF serves more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, storage, and automotive industries. GEFF offers customers access to capital with a menu 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).

About GE Commercial Finance

GE Commercial Finance is the business-to-business finance unit of General Electric. With deep industry expertise and lending, leasing and financing services of every kind, GE Commercial Finance plays a key role in helping its customers grow. Conducting business in 35 countries, GE Commercial Finance has assets of more than US$230 billion and is headquartered in Stamford, Connecticut, USA.

General Electric is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems.