Insider: Major Challenges in Financing Boutique Hotels in Today's Credit Crisis
By Steve Marx, Managing Partner, Lifestyle Hospitality
Mr. Steve Marx
Want to develop a boutique hotel? Have you found an opportunity to create a fabulous, exciting, upscale/independent property that could become a market leader in your city? Do you have some capital, and a talented team behind you? Well, get ready for the naysayers that will tell you forget it, develop a Courtyard and rake in the cash; no way can you finance an independent hotel, no matter how compelling the project, in the midst of this credit crisis.
Well, it may not be impossible, but forewarned is forearmed: it ain’t going to be a walk in the park.
Check out some suggestions I have outlined in my article "Major Challenges in Financing Boutique Hotels in Today's Credit Crisis" in the Hotel Business Review that will at least put you on the playing field and give you a fighting chance to develop the hotel that has your personal stamp on it; an individually crafted small, upscale hotel that can proudly carry the “boutique” moniker.
Be prepared for a lot of “no’s along the way. But also know that others have paved the way behind you; and have created small, independent boutique hotels that are still outperforming many of their chain brethren in a variety of markets. Know the objections and roadblocks going in, know how to overcome at least some of the obstacles, and don’t give up without a fight. If you succeed, the end result will be worth the pain; I guarantee it!
Click here to read the full article
Sincerely,
Steve Marx
Managing Partner
Lifestyle Hospitality
203-698-2772
smarx@lifestylehg.com
