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.
