hospitality finance
Hospitality Financial Leadership: Why Does It Take So Bloody Long to Do the Annual Hotel Budget?
David Lund | September 8, 2020
By David Lund Bloody is a great word. It’s English and I’m Canadian so that’s close enough and I’m adopting it for this piece. The word is so descriptive, and it immediately conjures up images of battle and of great suffering. Much the same as the annual carnage we refer to as budget season in the hotel business. It’s the epic contest between line managers and executives, hotel leadership teams and the brand and hotels and their owners. In some hotels it can take six months to get the budget done, revised umpteen times and eventually – hopefully – approved. It’s nothing for the battle to last for three months in a typica...
COVID-19 Financing Strategic Options for Hotel Owners
Harry G. Spirides | March 19, 2020
By Harry G. Spirides, President & CEO of Spirides Hospitality Finance Company Along with all the other industries around the world the U.S. hotel industry has been blindsided by the COVID-19 Global Pandemic Black Swan Event. Instantly, hotel owners have found themselves with empty hotels, depleted cash reserves, and wondering how they will be able to make their monthly mortgage payments and payroll which were hardly ever considered to be a problem in the expansionary period leading up to COVID-19. Due to the recent unprecedented sharp interest rate cuts by the Federal Reserve, the Prime Rate is now set at 3.25% which sets the table fo...
Hospitality Financial Leadership: Using Expense Checkbooks
David Lund | September 17, 2018
By David Lund I can vividly remember, as a young lad, my dad sitting at the kitchen table paying the monthly bills by check and then updating his checkbook. I remember asking him why he entered the details on the page at the back of the checkbook. He said very clearly, "So we don't spend more than we have and in the bank. If I don't keep track, we will run out of money and I'll end up bouncing a check!" In hospitality, we are all much better off when we use the checkbook system to manage our expenses so we don't run out, and so we don't overspend. The only difference between my dad and your department's expenses is you do not really run...
Four Traits to Look for in an On-Demand Accounting Partner
Scott Watson | June 25, 2018
By Scott Watson Finding the right match in an accounting partner bears some similarities to finding the right partner in marriage. A solid accounting partner understands your (industry-specific) needs, acknowledges your flaws, and adjusts to any curveballs that come your way. If you think your business could benefit from outsourcing accounting functions, consider these three qualities as non-negotiable when picking a partner: Tailor-made service packages When searching for financial services, many companies are enticed by the promises of an ERP solution, only to find that the one-size-fits-all approach, add-ons, and contracts are anyt...
Sonnenblick-Eichner Company Arranges $35,000,000 of First Mortgage Financing for The Inn at the Market, Seattle, Washington
Sonnenblick-Eichner Company | November 28, 2017
Beverly Hills, California – November 28, 2017 – Sonnenblick-Eichner Company has arranged $35,000,000 of first mortgage financing for the iconic 76-room luxury boutique Inn at the Market hotel in Seattle, Washington. The hotel is located at the world-famous Pike Place Market, the most popular and recognizable destination in downtown Seattle. The hotel is currently ranked #1 of 100 hotels on TripAdvisor in Seattle. The financing, provided by a Wall Street investment bank, was a non-recourse, 10-year fixed rate loan with 5 years of interest-only payments. The Inn at the Market has historically been a rate leader in the downtown...
Hospitality Funding, Inc. Arranged Funding for the Acquisition of the Comfort Suites Arlington, Texas
Hospitality Funding | October 23, 2017
Arlington, Texas – Hospitality Funding, Inc. arranged funding for the acquisition of the Comfort Suites Arlington, Texas. Waramaug LS Hotels LLC acquired the hotel in a joint venture with high net worth investors. When assessing the deal, Hospitality Funding and Waramaug Hospitality considered the following: The property is located near Six Flags Theme and Water Park, Rangers Ballpark, AT&T Stadium, Arlington Convention Center and more The property is a 108-room, all-suite hotel with high ceilings throughout that opened in 2009 The hotel's amenities include complimentary breakfast, a swimming pool, a fitness center, a busi...
Premier Capital Associates Secures Refinance for Quality Inn and Suites in Sequim, WA
Premier Capital Associates | October 19, 2017
BELLEVUE, Wash., October 19, 2017 – Premier Capital Associates, LLC, a national, full-service real estate investment company specializing in debt and advisory services for hospitality real estate, announced today that they secured refinancing for the Quality Inn and Suites at Olympic National Park in Sequim, WA. The total loan amount was approximately $4,600,000. "Giving our clients the financial agility that comes from making use of available equity is the most rewarding part of our relationships. For the Quality Inn and Suites at in Sequim, that meant working closely with our funding sources to get the property the cash they wan...
