Main Street Registry

Red Roof Inn

Grand Rapids, MI · Hotels (except Casino Hotels) and Motels · NAICS 721110

Red Roof Inn is a business in Grand Rapids, Michigan, in the hotels (except casino hotels) and motels industry, and operates as a Red Roof Inn franchise. The company financed real estate or equipment through an SBA 504 loan of $2,456,000, approved on April 23, 2024, with Highpoint Community Bank as the bank and Michigan Certified Development Corporation as the certified development company.

SBA 504 loan, approved Apr 23, 2024

$2,456,000 SBA portionCDC: Michigan Certified Development Corporation25 years termStatus not reported (SBA exemption)Loan details
SBA (CDC) portion
$2,456,000
Bank portion
$2,480,000
Estimated project size
$5,484,444 (estimated)
Estimated owner equity
$548,444 (estimated, about 10% of the project)
Bank lender
Highpoint Community Bank, Hastings, MI
CDC
Michigan Certified Development Corporation
Processing method
504 Refinancing: refinances existing business debt
Term
25 years (300 months)
Estimated maturity
April 23, 2049 (estimated, approval date plus term)
First disbursement
Jul 17, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
1
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
Red Roof Inn
Project location
Kent County, MI
SBA district office
Michigan District Office
Congressional district
MI-2
Collateral
Yes

Estimated share of project by source

Bank 45% SBA (CDC) 45% Owner 10%

  • Larger than 48% of expansion loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average expansion loan in Hotels (except Casino Hotels) and Motels: $2,843,226.
  • Average expansion loan in Michigan: $2,050,489.

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 Michigan