Stone Point forms hospitality finance company

With the creation of Access Point Financial, the firm has deployed roughly 30% of its $3.5bn fifth fund, some of which has been in US banking platforms, says CEO Charles Davis.

Stone Point Capital has partnered with former president of Specialty Finance Group Jon Wright to form hospitality finance company Access Point Financial.

It’s unclear how much Stone Point invested in the formation of Access Point.

Access Point is a lending and advisory platform that will provide financing to hotel brands in the US and expects to originate more than $1 billion of loans during its first three years. Prior to working at Specialty Finance Group, Wright founded the asset backed lending group for GMAC Commercial Mortgage and managed the captive finance division for InterContinental Hotel Group.

With the creation of Access Point, Stone Point has deployed roughly 30 percent of the $3.5 billion the firm collected for its Trident V fund, which closed in December. Access Point is the 11th transaction from Fund V, which has invested in two banking platforms and began deploying capital last April.

“Hospitality lending has not come back as quickly as some other lending areas,” Stone Point chief executive officer Charles Davis told Private Equity International. “There is still adequate capital in the insurance sector, so we’ve been very cautious in that area and haven’t done something there in five years, but I would assume in the next five years we’ll do some [deals] there.

Davis added that the firm would likely not transact as many bank or credit deals in the next two years as it has in the past two years.

Stone Point Capital is a financial services-focused private equity firm based in Greenwich, Connecticut. The firm spun out of Marsh & McLennan Company’s MMC Capital in June 2005 and manages the Trident Funds with aggregate committed capital of $9 billion.