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FOR IMMEDIATE RELEASE
MINNEAPOLIS, Minn. (November 8, 2000) --- Country Inns & Suites By Carlson, an international mid-tier lodging chain with over 235 locations worldwide, and Oinke, Inc., the preeminent provider of Internet-based commercial finance solutions, have partnered to offer commercial financing to potential franchisees via the Internet at Country Inns & Suites Website, www.countryinns.com.
With the online financing center page on the Country Inns & Suites Website, which is "Powered by Oinke," potential Country Inns & Suites franchisees are able to source commercial real estate loans, business loans and equipment financing from $100,000 to $500 million from the Internet in a lender competitive auction marketplace. Lenders whose criteria match those of the loan request bid on the franchisee's financing needs. Oinke provides the auction technology behind the bidding process and a network of more than 150 lenders, and gives franchisees a secure, paperless "vault" in which to upload and store their application information. Oinke guarantees that a minimum of five lenders will view each financing request, and that a minimum of two lenders will submit bids. With the "Powered by Oinke" commercial financing solution, the Country Inns & Suites Website makes the borrowing process faster, easier, and more cost effective.
"We're very pleased with our partnership and the opportunities this presents. This is an easy and convenient service that brings together in real time, franchisees and potential franchisees shopping for financing and lenders marketing loans. This new partnership gives our franchisees one more reason to consider Country Inns & Suites By Carlson as the preeminent leader in the mid-tier segment," said Nancy Johnson, senior vice president of development, Country Inns & Suites By Carlson.
Franchisees will discover the Website offers 75 different types of applications that can be conveniently completed online, 24 hours a day. Because applications are then stored in a "vault" online, it is easy for franchisees to submit subsequent requests for financing as needed, and eliminates the need to complete additional applications. Through this service, franchisees will receive another added benefit, more competitive rates from lenders. Because lenders can view bids from other lenders, they will submit more competitive bids to obtain the franchisee's loan. Overall, this online service reverses the normal auction process by placing the franchisee in control, instead of the lender.
"Country Inns and Suites becomes another top brand to recognize the value in offering commercial financing to its business customers, in this case their franchisees," said Thomas Markel, CEO, Oinke, Inc. "We are committed to making the borrowing process faster, easier, and cost effective for borrowers and lenders alike. We are thrilled with this new partnership, and look forward to giving the franchisees of Country Inns and Suites a better way to obtain financing."
To reach the online financing center page, users first click on the "About Us" header on the home page of www.countryinns.com, then click on "Franchise Development" under the For Your Convenience list, and lastly click on "Online Financing Center" listed below the More Information section.
Country Inns & Suites locations feature traditional architecture and sophisticated residential interior design with hardwood flooring and decorative ceiling borders. Each hotel welcomes guests with traditional furnishings that blend rich woods and elegant floral-patterned fabrics.
The rooms offer many amenities often found at higher-priced hotels such as complimentary breakfast, in-room coffee maker, in-room iron and ironing board, and weekday morning newspaper. Country Inns & Suites is known for its consistently high quality accommodations and personal, warm hospitality.
For the eighth year in a row, the brand has received a 98 percent guest return rating, one of the highest in the lodging industry.
For reservations and information, call "Countryline" reservations at 1-800-456-4000 or through the Internet at www.countryinns.com.
Oinke provides the only Internet trading exchange connecting commercial borrowers with qualified lenders in a secure auction environment for commercial financing. This solution, "Powered by Oinke," is licensed on a co-branding or private label basis to Internet-enabled companies seeking to offer commercial financing to their business customers that have recurring needs for capital. Oinke's standardized online Automated Summary Application Package (ASAP) forms simplify the borrowing process for 75 different loan types, dramatically reducing typical loan paperwork and facilitating negotiations with a worldwide pool of more than 150 lenders, including Wall Street firms, insurance companies and finance companies. Oinke was the first Internet-based commercial finance company to offer Moody's Risk Management Services credit scoring reports to its customers, and has subsequently formed partnerships with Integra and Transunion. Oinke specializes in equipment leases and business and commercial real estate loans ranging from $5,000 to $500 million.
Country Inns & Suites By Carlson is part of Minneapolis, Minn.-based Carlson Hospitality Worldwide, whose operations also include Radisson Hotels & Resorts; Regent International Hotels; Park Plaza and Park Inn hotels in North America; Radisson Seven Seas Cruises; Carlson Lifestyle Living; Carlson Vacation Ownership; Carlson Restaurants Worldwide, which includes T.G.I. Friday's and other restaurant brands; and Provisions, a worldwide procurement company.
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