With the rise of accommodation-sharing sites, more and more hotels are looking for unique ways to increase revenue. Using hotel financing, you can build an integrated restaurant to help your bottom line, even during low seasons. Designing a place that both travelers and your local community will love to dine in can help you stay competitive in the hospitality market.
Create a Restaurant Your Local Community Will Love
Most of the hospitality industry focuses on appealing to travelers. However, a well-designed hotel restaurant can attract customers in your local area as well. The key is to establish an eatery that fits into the local restaurant scene. Many hotel restaurants focus on how to serve those already staying in their rooms. However, taking a more creative approach can draw in more people and increase your profits. Hotel financing can help fund your efforts to build a noteworthy hotel restaurant that even people a block away will come to.
Restaurants Can Bring in Revenue During Low Seasons
Certain times of the year mean a dip in business for hotels, as people are less likely to travel. However, even in these months, you can still bring in revenue. Imagine if you continued to be busy and maximize profits during low seasons. A restaurant inside your hotel where everyone wants to eat, even if they aren’t staying in one of your rooms, can increase your revenue. Hotel loans can help you craft a gorgeous interior where you can serve high-quality food to hotel guests and non-guests alike.
Utilize Hotel Financing to Build your Hotel’s Restaurant
The initial costs of building a hotel restaurant can seem daunting. However, with the right hotel loans, you can make this lucrative opportunity reality. This way, your incorporated eating establishment will have time to get up and running and generate income for your business. To ensure a successful renovation or expansion for your hotel, speak to a hotel financing company that specializes in lending to the hospitality industry. This will help you find the best options for your addition.
At Stonehill, we specialize in direct hospitality lending. We have a proven track record for delivering the best financing solutions for our customers. Stonehill offers hotel construction financing, permanent loans, bridge loans, and a variety of other loan programs to help your business. Our dedicated professionals can help you find the ideal choice for your projects or acquisitions. Call us today at (713) 666-2544 to schedule a consultation. We look forward to the opportunity to work with you.
Adding certain features to your hotel can help you increase revenue and stay competitive in the hospitality market. Hotel loans are a great way to fund these renovations and updates to boost your business and fill more rooms. Make sure your renovations will attract customers at the price point you want. There are a few upgrades to consider when deciding where your renovation priorities are.
Revenue Increasing Features
It can be difficult to stand out in the hospitality industry. However, adding or updating the following amenities can help you win out over the competition:
- Inviting entrances
- Luxurious in-room bathrooms
- Ample power outlets
- Recreation facilities
- Dining areas
- Wellness spas
Since these additions to your hotel can appeal to many different people, you can include many different types of guests, like business travelers, vacationers, and honeymooners. The investment could pay off in huge ways for your company. These features and renovations can help increase your revenue and bring in more guests. Therefore, you want the right hotel financing to make these things a reality for your hotel.
Using Hotel Loans To Make These a Reality
With the help of hotel loans, you can add the features that your guests want. Depending on which amenities you are going to add, there are a number of hotel financing options. One of the first steps is to decide how much capital you will need to create these spaces and conveniences. Make a list of what needs to be renovated and speak to your preferred contractor about estimates for these changes. Then, think about what your budget will be. Finally, discuss your needs and budget with your preferred hotel lending company to see which hotel loans are best for you.
At Stonehill Strategic Capital, we offer practical hotel financing solutions. We can help you with bridge loans, permanent loans, mezzanine financing, preferred equity lending, hotel construction financing, or PACE lending to suit your needs. Our team will discuss your requirements and options to find the most appropriate hotel loan for you. Give us a call today at (713) 666-2544 to schedule a consultation. We look forward to the opportunity to serve you.
On September 6, 2018, the American Hotel & Lodging Association (AHLA) announced its 5-Star Promise initiative. Finding the right hotel construction financing options will help you upgrade security measures as a part of this program. Also, it can create the best outcomes for your hospitality company and the safest environment for your guests and your staff members.
What Is the 5-Star Promise?
The AHLA announced the 5-Star Promise initiative as part of its ongoing efforts to promote the safest possible settings for employees in the hospitality industry. Some of the most important elements of this voluntary program include:
- Establishing policies banning sexual harassment and posting those policies in multiple languages for employees
- Training and educating employees about sexual harassment
- AHLA training programs for safety, security and diversity in the workplace
- Partnerships between AHLA and the National Alliance to End Sexual Violence, Polaris, End Child Prostitution and Trafficking and other agencies and organizations to focus on workplace safety and the end of sexual violence and child abuse
The AHLA also recommends that employees are given safety devices as part of participation in the 5-Star Promise initiative. Surely you want to promote safety for your employees. However, depending on the how big your staff s and the types of security devices needed, hotel financing solutions may be necessary to create a safe environment in line with AHLA’s suggestions.
Participation on the Rise
Since it was announced, participation in the 5-Star Promise program has increased by 230%. Currently, about 20,000 properties have committed to the principles of the 5-Star Promise. They are putting the safety and well-being of their employees at the top of their priorities. The right hotel loans can provide financial support for these and other activities in the hospitality industry.
Finding the Right Hotel Construction Financing Solutions
Renovating, upgrading, and adjusting safety in your properties is an ongoing process. These projects mean you want the most practical hotel construction financing options available. Working with a company that specializes in hotel financing is the best way to manage expenses of this nature. Your hotel lending company will provide you with the right solutions for short-term and long-term lending arrangements in the hospitality industry.
If your company needs the best and most practical options for hotel funding, Stonehill is the best and most practical solution for your needs. We are direct lenders with a commitment to quality and customized arrangements for our customers. Call us today at 713-666-2544. Our team will be happy to work with you to create the most practical financing solutions for your needs.
Stonehill’s president answers five questions about the lending environment and terms.
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