If you are looking to buy a hotel, the lack of financing for lodging properties is starting to diminish at least with one major bank. Wells Fargo recently announced loan financing options available to hotel owners and investors. It has already closed some loan deals as well. So what is the catch and will you qualify? According to panelists at the recent Lodging Industry Investment Council held concurrently with the American Lodging Investment Summit conference in Los Angeles last month, Wells Fargo & Company is making good on its promise to provide more money for hotel lending. Case in point is this excerpt if you are looking to buy a hotel: “The Atlanta Business Chronicle reported that Atlanta-based Access Point Financial Incorporated closed on a senior secured credit facility with Wells Fargo Capital Finance that will help finance hotel development. Access Point is a full-service lending and advisory company focused on the hospitality industry and will reportedly use the revolving debt facility, which starts at $150 million, in partnership with its $100 million equity, to place $1 billion in loans for hotel improvements and bridge financing for the next 26 months, according to Jon Wright, president and CEO of Access Point. “We are in the early stages of seeing meaningful debt funding,” he said.” Wells Fargo also provided a hotel portfolio loan backed by two Residence Inns in a related story if you need funding for a hotel turnaround. Or, check out their loan acquisition requirements if you are an investment group or hotel management consultant representing one and looking to buy a hotel.
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