Main Street Registry

Country Inn & Suites Gurnee

Gurnee, IL · Hotels (except Casino Hotels) and Motels · NAICS 721110

Country Inn & Suites Gurnee is a hotel business in Gurnee, Illinois, classified under NAICS 721110 for hotels (except casino hotels) and motels, and it operates as a Country Inn and Suites by Radisson franchise. The business was financed with an SBA 7(a) loan for a change of ownership, with a loan amount of $3,450,000 from lender GBank, approved on October 27, 2023.

SBA 7(a) loan, change of ownership, approved Oct 27, 2023

$3,450,000 approvedLender: GBank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$3,450,000
SBA-guaranteed amount
$2,587,500 (75% of the approval)
Lender
GBank, Las Vegas, NV
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
8.75%, fixed
Term
25 years (300 months)
Estimated maturity
October 27, 2048 (estimated, approval date plus term)
Estimated monthly payment
$28,364 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Nov 10, 2023
Loan status
Status not reported (SBA exemption)
Jobs supported
2
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
Country Inn and Suites by Radisson
Project location
Lake County, IL
SBA district office
Illinois District Office
Congressional district
IL-10
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 55% of acquisition loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average acquisition loan in Hotels (except Casino Hotels) and Motels: $3,241,374.
  • Average acquisition loan in Illinois: $1,796,780.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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Same industry in Illinois