Main Street Registry

Sleep Inn & Suites Cumberland-LaVale

Cumberland, MD · Hotels (except Casino Hotels) and Motels · NAICS 721110

Sleep Inn & Suites Cumberland-LaVale is a hotel business in Cumberland, Maryland, classified under the NAICS industry for hotels (except casino hotels) and motels. It was financed with an SBA 7(a) loan for a change of ownership, approved in the amount of $3,489,000 by GBank on December 19, 2024. The business is a franchise of Sleep Inn by Choice Hotels, and the loan records list 9 jobs.

SBA 7(a) loan, change of ownership, approved Dec 19, 2024

$3,489,000 approvedLender: GBank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$3,489,000
SBA-guaranteed amount
$2,616,750 (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%, variable
Term
25 years (300 months)
Estimated maturity
December 19, 2049 (estimated, approval date plus term)
Estimated monthly payment
$28,685 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jan 14, 2025
Loan status
Status not reported (SBA exemption)
Jobs supported
9
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
Sleep Inn by Choice Hotels/Sleep Inn & Suites by Choice Hotels
Project location
Allegany County, MD
SBA district office
Baltimore District Office
Congressional district
MD-06
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
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 Maryland: $1,627,337.

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 Maryland