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Financing That Closes: How Hotel Owners Can Win in Today's Tight Lending Market

By Jacqueline Villamil Chief Executive Officer, Strategic Solution Partners | September 2025

This article was co-authored by David Kasten, Finance Executive, Strategic Solution Partners

The hospitality industry is resilient, but the current lending environment is testing even the most seasoned hotel owners.

Across the board, lenders are reviewing more deals, more carefully, and with a sharper eye toward risk. Loan-to-cost ratios on traditional debt have dropped into the 50–55% range. Equity—already the slowest piece of the capital stack—is taking longer to secure. Meanwhile, lenders are scrutinizing everything from sponsor experience to operational strategy before moving a deal forward.

In a high-volume market, this scrutiny is understandable. Lenders have more applications on their desks than they can handle. They are prioritizing those that inspire confidence from the very first look: deals that arrive complete, compelling, and realistic.

To better understand how hotel owners can navigate this competitive climate, I spoke with our Finance Industry Expert, David Kasten, who has spent his career on both the lending and ownership sides. His perspective is clear: the deals that succeed today are those that marry strong fundamentals with meticulous preparation.

The First Test: Your Financial Story

The first thing lenders evaluate is not just the numbers; it is whether those numbers make sense in context. Yet many owners submit packages without offering that narrative.

“Not providing a good cash flow narrative is one of the most common mistakes owners make,” Kasten says. “Lenders want both numbers and a story. The story needs to include seasonality, renovation impacts, and any one-time disruptions to the business model that are factored into the cash flow. The absence of this up-front information leads to questions in the underwriting confidence.”

A cash flow narrative is more than a brief commentary. It should articulate the rhythm of the business, highlighting factors that influence revenue and expenses throughout the year, and explaining any fluctuations in historical performance. When lenders see these patterns explained clearly, it reassures them that the owner understands the property’s operational realities and can manage them.

This narrative also allows owners to address potential lender concerns before they come up. For example, if occupancy dipped during a renovation period, the narrative can connect that temporary decline to projected gains post-renovation. If ADR grew in a specific season, the owner can link it to marketing initiatives or market conditions that may repeat. Providing this context removes guesswork for the lender, and builds a stronger case for the property’s future performance.

Common Pitfalls and the Bigger Picture

From Kasten’s perspective, the difference between a promising deal and one that stalls often comes down to avoidable mistakes:

  • Focusing only on the rate: Chasing the lowest interest rate can mean missing better overall packages that offer flexibility, staged draws, or more favorable covenants that protect the borrower over time.

  • Overusing brokers: When multiple brokers present the same deal to different lenders, exclusivity is lost, credibility can suffer, and the deal can appear over-shopped before serious consideration begins.

  • Insufficient project detail: Vague or unverified construction costs, missing contingency allowances, or no third-party validations raise questions about the accuracy of projections and the sponsor’s ability to execute.

  • Weak sponsor profile: Even a property that “pencils” (looks viable on paper) can fail if the sponsor lacks liquidity or relevant operational experience to weather volatility.

Each of these signals can erode lender confidence and slow momentum. Focusing solely on rate suggests a short-term mindset rather than a strategic approach to financing. An excessive broker footprint makes the deal appear unfocused. Missing cost detail or third-party validation implies untested assumptions, while weak liquidity or lack of experience raises doubts about the sponsor’s ability to deliver results.

Kasten notes that interest rates are just one part of the equation. Lenders increasingly look at the total economics of a deal, especially as DSCR requirements trend higher (often 1.3x–1.5x). Flexible repayment schedules, reduced prepayment penalties, and staged draws can provide crucial breathing room during ramp-up or renovations, creating a stronger financial foundation. Sponsors who value these structural elements as much as the nominal rate tend to see more favorable consideration, particularly when the deal is built to endure market shifts and protect downside risk.

The New Normal for Timelines

The days of relatively quick closings are behind us, at least for now. Lenders are asking more questions, requesting more documentation, and reviewing each layer of the capital stack in greater detail. Debt remains available, but equity is often the slowest piece to finalize. With leverage points lower than in past cycles, many projects also require mezzanine financing, adding another layer of review.

“The best way to speed up the process is to run parallel processes with many different lending sources,” Kasten advises. “Traditional banks, PE family offices, and other non-traditional sources of debt and equity should all be in the mix from the start.”

Running multiple processes in parallel requires precision. Every lender must receive the same set of documents and information to ensure consistency. Sponsors must be ready to respond quickly to questions from different sources, sometimes at the same time. While this approach can feel demanding, it often saves months compared to a linear process, and in a competitive market, those months can make the difference between capitalizing on an opportunity and missing it entirely.

Understanding Lender Priorities and Red Flags

In today’s environment, lenders are more selective about both asset type and sponsor profile. Branded hotels tend to have an advantage because they come with established systems, marketing channels, and performance histories. Urban properties often appeal more than resort locations due to their ability to capture consistent transient demand.

Independent hotels and resort properties face steeper hurdles, but can still secure financing when they present a compelling case. Lenders want to see proof of strong market demand, clear competitive advantages, and operational strategies that address seasonality or unique market conditions.

Some red flags, however, are more challenging to overcome. Kasten identifies two as particularly difficult: lack of prior hotel experience and insufficient liquidity. Both imply that the sponsor may be unprepared to handle unexpected market shifts or operational challenges.

Other concerns that can slow or stop the process include:

  • Outdated or overly summarized financial statements

  • STR reports without accompanying analysis

  • Missing or outdated LOI on a franchise agreement

  • Incomplete or vague PIP documentation

  • No DSCR sensitivity analysis

  • Lack of a defined exit strategy

Addressing these issues before submitting a loan request is one of the most effective ways to keep the process moving.

Building a Package That Stands Out

When lenders have no shortage of deals to consider, a strong financing package must do more than meet minimum requirements. It must convey credibility, readiness, and attention to detail.

Kasten recommends that owners focus on the following elements:

  • Current, detailed financials: Well-formatted, accurate statements give lenders confidence in both the numbers and the sponsor’s operational discipline.

  • Narrative-rich STR reports: Including analysis helps the lender interpret market performance and positioning.

  • Third-party cost validations: Independent verification of budgets for renovations or construction strengthens the case for project feasibility.

  • Contingency planning: Outlining strategies for handling cost overruns, delays, or market changes shows foresight.

  • Clear market positioning: Defining how customer segments will be targeted and served under the new business plan aligns projections with strategy.

Every element of the package should reinforce the same message: the deal is sound, the sponsor is prepared, and the execution plan is realistic.

Structuring for Resilience

With traditional debt terms less flexible than in previous cycles, the capital stack has become a defining factor in sealing a deal. Owners who design a resilient structure from the outset are more likely to secure financing on favorable terms.

“Engineer the capital stack and rigorously stress-test the underwriting, as downside protection is non-negotiable,” Kasten says. “With traditional debt increasingly rigid, explore alternatives like SBA financing, and make sure Key Money and Preferred Equity are integral components of the structure.”

Stress-testing is more than a theoretical exercise. It demonstrates to lenders that the sponsor has considered less-than-ideal conditions, such as lower-than-projected RevPAR, increased operating expenses, or slower market recovery, and has structured the deal to remain viable in those scenarios. This not only reassures lenders but also positions the owner to navigate real-world challenges with less disruption.

The Financing Mindset for 2025-26

Today’s lending market is defined by both competition and caution. Capital is available, but it is flowing to sponsors who present complete, well-supported, and credible financing requests. Owners who lead with a strong financial narrative, avoid common pitfalls, and design structures that can withstand market shifts will stand out in a crowded field.

From Kasten’s perspective, the path to success includes:

  • Leading with a complete financial story that connects past performance to future potential

  • Evaluating total loan economics, not just the interest rate

  • Running multiple lender processes in parallel to save time

  • Understanding and aligning with lender preferences

  • Addressing red flags before submission

  • Designing a capital stack with built-in resilience

Financing in today’s environment requires more preparation, more coordination, and more strategic thinking than in years past. But for those willing to invest the effort and anticipate lender expectations, the payoff is significant: a deal that not only closes but positions the property, and its owner, for sustainable success in the years ahead. In a lending market defined by competition and caution, those who approach the process with precision and foresight will stand apart, and secure the capital needed to turn vision into reality.

Mr. KastenThis article was co-authored by David Kasten. Mr. Kasten is an accomplished hospitality executive with more than three decades of U.S. and international experience in development, asset management, and capital markets advisory. His career includes 28+ years with Marriott International across the U.S., Europe, Asia, the Caribbean, and Latin America, as well as leadership roles with Wright Investment Properties, Fairmont Hotels & Resorts, Pyramid Hotels, Interstate Hotels & Resorts, and the Ian Schrager Company. Most recently, he served on the Consulting and Advisory team at Cerberus Capital Management, overseeing a €500m hotel portfolio. Now, as a consultant for Strategic Solution Partners, he provides strategic consulting to drive acquisition success, optimize financial performance, and guide clients through complex pre-opening, operational, and exit strategies.  

Ms. Villamil

Jacqueline Villamil is the Chief Executive Officer at Strategic Solution Partners (SSP), a leading firm specializing in hospitality consulting and task force services. With over 20 years of experience in the industry, Ms. Villamil has built a robust career in sales, marketing, and revenue management, working across a diverse range of hotel segments, from mid-scale to luxury and lifestyle brands. Before joining SSP, she served as Vice President of Sales at HEI Hotels & Resorts, where she played a key role in driving sales growth and optimizing revenue streams. Her extensive experience also includes leadership roles at Starwood Hotels & Resorts, Hilton Hotels Corporation, and Meristar Hotels & Resorts (now Aimbridge Hospitality), where she managed sales and marketing strategies for high-profile properties. Ms. Villamil is recognized for her strategic leadership, collaborative approach, and ability to deliver exceptional results. At SSP, she continues to leverage her deep industry knowledge to drive the company's growth and ensure the delivery of innovative solutions that meet the evolving needs of the hospitality industry. Her commitment to excellence and passion for the field has made her a respected leader and integral to SSP's success. Extended Biography & Contact Information

HotelExecutive retains the copyright to all articles published on HotelExecutive.com. Articles cannot be republished without prior written consent by HotelExecutive.

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If you choose to purchase a subscription, member subscription payments can be made in U.S. Dollars, as well as a variety of international currencies. Membership terms are Annual Recurring, and Monthly Recurring. The Annual Recurring subscription is an annual commitment and subscribers will be charged each consecutive billing cycle. Annual Recurring subscriptions can be cancelled after the first billing cycle and within 30-days of the billing date for a full refund. Monthly Recurring subscriptions are ongoing and subscribers will be charged each consecutive monthly billing cycle. Monthly Recurring subscriptions can be cancelled after the first month and within 7 days of the monthly billing cycle for a full refund.

12. PAYMENT AUTHORIZATION

Payment for the services provided to you in, at, through or in association with HotelExecutive may be made by automatic credit card, debit card, direct debit, bankwire or Paypal and other approved payment means offered in, at, through or in association with HotelExecutive, and you hereby authorize HotelExecutive and its agents to transact such payments on your behalf.

You hereby authorize HotelExecutive's Internet Payment Service Provider to charge your credit card to pay for your membership to HotelExecutive. You further authorize HotelExecutive's Internet Payment Service Provider to charge your credit card for any and all purchases of products, services in association with HotelExecutive. You agree to be personally liable for all charges incurred by you in association with your access or other use of any content provided by HotelExecutive or any third party in association with HotelExecutive. You acknowledge and agree that your liability for all such charges shall continue after termination of your access or any type of membership arrangement with HotelExecutive.

In the event that you have chosen to have your membership automatically rebilled, unless and until you notify HotelExecutive that you wish to cancel or terminate your membership to HotelExecutive, you hereby agree and authorize HotelExecutive's Internet Payment Service Provider to automatically renew your membership to HotelExecutive on a continuing basis and to charge your credit card (or other payment means you have selected) to pay for the ongoing cost of your membership. You hereby further authorize HotelExecutive's Internet Payment Service Provider to charge your credit card (or other approved payment means you have selected) for any and all purchases of products, services and entertainment provided to in, at, through or in association with HotelExecutive.

13. PRIVACY POLICY

The following is the Privacy Policy for HotelExecutive

We can be reached via telephone, email, or online at our contact page. When you visit our site we do not log any information regarding your domain or email address. Information Sharing: We do not share user information with any third parties other than via press release distribution as described below.

Hotel Newswire is a newswire service that distributes press releases on behalf of our users. If you decide to submit a press release for distribution through our system we will transmit your entire press release including any personal information therein contained to our media contacts and online distribution points including search engines. This is the only redistribution of your information that we engage in. Your submission of press releases through our system indicates consent with this policy. The information we collect during your registration process is used to notify users about updates to our service and inform users of any special events hosted by Hotel Newswire. This information is not shared with other organizations for commercial or non-commercial purposes.

Cookies: Our system requires the use of cookies to enable the user to log back into our website to access information from the newswire, without having to log in each time using the required username and password.

If you do not want to receive email from us in the future, please let us know by following instructions included in our communication with you. Users who supply us with telephone numbers online may receive telephone contact from us regarding their account, or informing them of new products and services available on the HotelExecutive website. If you do not wish to receive such telephone calls, please edit your account and remove your phone number from your account profile. This can be done from your user account menu.

Ad Servers: We do not partner with or have any relationship with any ad server companies. From time to time, we may use customer information for new uses not previously disclosed in our privacy notice. If our information practices change at any time, we will post the policy changes to our website to notify you of these changes and provide you with the ability to opt out of these new uses. If you are concerned about how your information is used, you should check back at our website periodically.

Upon request we provide site visitors with access to all information (including proprietary information) that we maintain about them. Users can access this information by logging in to their account.

Security: We always use industry-standard encryption technologies while transferring and receiving user data exchanged with our site. We have appropriate security measures in place in our physical facilities to protect against the loss, misuse, or alteration of information that we have collected from you on our site. We do not store credit card information in our systems.

If you feel that this site is not following its stated information policy, you may contact us.

Tim  Hentschel
Lisa Rosenstein
Peter Dougherty
Michael Nixon
Bendegul Okumus
Mimi Oliver
Robert O'Halloran
Robert Reitknecht
Adoniram Sides
Frank Speranza
James Downey
Cynthia Schuler
Kara Freedman
Diana Dobin
Justin Taillon
Coming up in March 1970...