Main Street Registry

Econo Lodge Savannah

Savannah, GA · Hotels (except Casino Hotels) and Motels · NAICS 721110

Econo Lodge Savannah is a hotel and motel business in Savannah, Georgia, classified under NAICS 721110 (Hotels, except Casino Hotels and Motels). The company was financed with an SBA 7(a) loan for a change of ownership of $4.42 million, approved on May 21, 2024, by The Huntington National Bank, and the business is listed as a franchise of Econo Lodge by Choice Hotels.

SBA 7(a) loan, change of ownership, approved May 21, 2024

$4,420,000 approvedLender: The Huntington National Bank25 years termPaid in fullLoan details
Gross approval
$4,420,000
SBA-guaranteed amount
$3,315,000 (75% of the approval)
Lender
The Huntington National Bank, Columbus, OH
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
10%, variable
Term
25 years (300 months)
Estimated maturity
May 21, 2049 (estimated, approval date plus term)
Estimated monthly payment
$40,165 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jun 6, 2024
Loan status
Paid in full
Jobs supported
11
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
Econo Lodge by Choice Hotels/Econo Lodge Inn & Suites by Choice Hotels
Project location
Chatham County, GA
SBA district office
Georgia District Office
Congressional district
GA-01
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 69% 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 Georgia: $2,017,638.

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 Georgia