Hotel financing can help with many projects, including renovations. One thing that many hotels are investing in right now is renovating room bathrooms to become more accessible. This is to appeal to more customers and also comply with codes from the Americans with Disabilities Act (ADA). In this article, we’ll describe some things to note about accessible hotel bathrooms and the different types of financing you can use for these upgrades.
For hotel financing solutions, contact our team at Stonehill now.
Hotel Financing to Renovate Bathrooms for Accessibility
Renovating your hotel requires capital for the labor and materials. If you’re considering updating your hotel bathrooms to meet accessibility standards, then you may need hotel financing to help you accomplish your goals.
ADA Requirements for Hotel Bathrooms
Before we get into the details about financing, first let’s talk about accessible hotel bathrooms. A lot of the rules have been updated over the years, which may mean that your hotel isn’t compliant with ADA standards.
First, it’s important to note that hotels must have a certain number of accessible hotel rooms. The exact number is usually based on the total number of rooms at the property. The ADA also divides these up into rooms with roll-in showers and accessible bathtubs.
There are several things that make an accessible hotel bathroom. For one, ensuring there’s plenty of space to maneuver in case of mobility issues or wheelchair use. Toilets, for instance, must have a minimum of five feet of open space to the side for easy wheelchair transfers. For showers, they must have grab bars and benches. The shower controls should be easy to reach from the shower bench. For ADA compliant hotel bathtubs, they also need grab bars and a sturdy bench that attaches to the tub. Other things to consider to make your bathroom friendly for all include non-slip flooring and good lighting. This helps people of all ages and ability levels stay safe in the bathroom.
If your hotel doesn’t have these features in your accessible bathrooms, then it may be time for renovation. In these cases, hotel lending experts can help you get the financing you need to make the upgrades.
Types of Hotel Financing for These Projects
There are many types of financing that work well for renovation projects. Your lenders can walk you through the details for each type of loan to help you choose the right one for your needs. Here are some common loans used for hotel renovations:
- Hotel Bridge Lending: Bridge loans are short-term loans that can be used for renovations. As the name suggests, hotel bridge lending is designed to bridge a gap for financing needs. These can provide anywhere from $10 million to $100 million and loan terms last one to five years.
- Mezzanine Financing: Mezzanine loans are like a hybrid of debt and equity and are also commonly used for renovations, though usually for large renovations as part of a growth project. They can provide between $3 million and $20 million and the loan term is generally matched to a senior loan.
- PACE Hotel Financing: PACE stands for property assessed clean energy and is a type of loan that can be used for projects that improve energy efficiency, water conservation, or resiliency for the building. They can provide some financing for bathroom upgrades, as newer fixtures often reduce energy and water consumption. They can provide anywhere from $1 million to $100 million and terms last up to 30 years, with repayments made as a property assessment.
Hotel Lending Solutions from Stonehill
When you need hotel financing solutions, contact our team at Stonehill. We are a direct hotel lender offering creative solutions for your financing needs. Our team works with you to find the right financing options for your needs, and we have completed more than 450 transactions since our founding in 2014. Contact us now to discuss your hotel financing needs with our team.