General Electric’s goal of divesting itself of over $200 billion worth of assets took another step forward April 25 with the announcement of the completion of the sale of its GE Capital’s Franchise Finance U.S. hotel business to Western Alliance Bank.
The deal, first announced in March, includes ending net investment (ENI) of approximately $1.3 billion and the majority of its hotel business employees.
GE Capital Franchise Finance specializes in financing mid-market operators with multiple locations in the restaurant industry. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation, which holds more than $15 billion in assets.
Since announcing its $200 billion sell-off plan last year, GE has signed deals worth $166 billion; with the Western Alliance agreement, it has closed roughly $148 billion in deals. The corporation is in the midst of relocating from Fairfield to Boston.