GE Closes Sale Of Franchise Finance U.S. Hotel Business To Western Alliance

(RTTNews) - General Electric Co. (GE) Monday said it has completed the sale of GE Capital's Franchise Finance U.S. hotel business to Western Alliance Bank, a wholly owned subsidiary of Western Alliance Bancorporation (WAL). The conglomerate said sale includes approximately $1.3 billion in ending net investment and the majority of the hotel business employees. The business provides real estate financing to owners of limited service hotel properties.

Keith Sherin, GE Capital chairman and CEO said, "We continue to make strong progress on closing our previously announced sales as we work to divest the majority of GE Capital assets."

GE Capital said it believes on track to deliver about $35 billion of dividends to GE under this plan, subject to regulatory approval.