The Move Toward More Modern Amenities

Hotel ownership can be a great way to make money, but it also requires a ton of work. If you’re known for offering a certain experience, doing anything less can lead to a bad reputation. The owner of this hotel knew that there were several updates and additions that should be made to ensure the hotel remained one of the best in the area.

Renovating some of the rooms, adding an event room, and updating some of the restaurant space were the major things that needed to be done. However, the money to do this wasn’t going to come out of his pocket. He was going to need to start with some research.

The Cost to Remain at the Top

The first thing the owner did was start researching prices for all the updates he wanted to make. He went through tons of case studies and white papers to get accurate information before moving into the process of finding financing. With several needed changes, it was going to need a decent chunk of change to get started.

After doing the calculations and checking them against other hotels, it was determined that a loan of $2,000,000 would be needed. At this point, the research turned a corner toward finding the optimal financing option.