Business Loans for Hotels
Hotels, motels, inns and other lodging businesses are reporting record bookings and it’s a great time to launch, acquire, upgrade or expand a hotel business. For entrepreneurs looking to leverage lodging opportunities, Pursuit offers more than 15 loan options for hotel financing, including hotel construction loans, hotel refinance loans, SBA hotel loans to purchase or renovate existing properties, SBA loans for acquisitions and more for hotel owners with businesses anywhere in Connecticut, New York, New Jersey and Pennsylvania.
That means we’ve got your hotel financing needs covered if:
- Your inn needs a refresh: new paint, new linens, new booking software and an expanded digital-marketing strategy to reach your target clientele.
- Your motel is booked solid and a nearby competitor is ready to sell – and you need affordable loan options to leverage this opportunity, like SBA hotel loans or hotel refinance loans.
- You’re ready to go all-in: You’ve found the ideal location for your dream boutique hotel and need the right financing package that includes hotel construction loans and other hotel loans for furnishings, equipment, fixtures, working capital, marketing and more.
Whatever your lodging niche, Pursuit can help
Lodging-based ventures that fall into the realm of “small business” come in a huge range of options, from charming, modest inns to amenity-rich small resorts. Along with great hotel and inn opportunities are a range of funding needs, from acquiring, renovating, or constructing the perfect lodging and event spaces to hiring staff, stocking restaurants and bars, equipping bakeries, creating enticing amenities, upgrading furniture, updating fixtures and more.
Whatever your hotel dream is, we can help you bring it to fruition:
- Acquiring or building boutique inns and lodges, traditional motels, launching your own brand or franchising an existing small hotel.
- Serving niche offerings for sports fans, hobbyists and leisure-seekers, arts and culture enthusiasts and others.
- Targeting families, friends, couples, business travelers, regional visitors, international guests, solo travelers, group events and more.
And just as there’s no end to the range of lodging options available to travelers, Pursuit offers a range of hotel financing opportunities to meet your needs. Among our popular loan options for hotels and other lodging businesses are:
- Pursuit SmartLoans and lines of credit up to $100,000. These work well for short-term and more immediate funding needs – those times when you simply need funding to help you refresh or upgrade your existing business, for example.
- SBA 504 loans offer low owner-equity requirements (10%, compared to 20-30% for conventional loans) and longer repayment terms with funding up to $5.5 million. They’re ideal SBA hotel loans for construction of new hotels, motels and inns; purchases of existing hotels and inns (including franchises); and renovations of existing (or newly acquired) properties. They can also be used for major equipment, working capital and refinancing business debt. These loans are made in partnership between you, Pursuit and a commercial lender (of your choice or we can help find a partner for your deal).
- SBA 7(a) and Community Advantage loans are popular hotel loans because of their flexibility, advantageous terms and higher funding limits – up to $5 million. Qualified uses include business-related commercial real estate purchases, construction and leasehold improvements; purchases of major equipment; working capital; the expansion or acquisition of existing businesses, including acquiring existing hotels, motels and inns; computer hardware and software purchases; and refinancing of existing business-related debt.
In addition, Pursuit specializes in helping business owners who need hotel financing to achieve your vision, but who may not meet all of the lending criteria needed for conventional commercial loans.
Rest assured: We have the hotel financing options that you need
With loan options that help entrepreneurs launch and grow your businesses – including our own products and others in partnership with banks and the SBA – we have something that’s right for you. Our team will get to know your vision for your hotel business and we’ll find affordable options to help you achieve it. For a real-world example, take a look at how we helped American Beech Hotel, then contact us to learn more about how we can help you, too.