Despite a booming lodging industry, financing for purchase, construction and improvement plans still can be hard to find for hotel owners. U.S. Small Business Administration 504 loans can bridge the gap with low interest rates and as little as 15 percent down. Learn more about SBA 504 hotel loans.
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According to STR, London’s luxury hotels have taken a huge hit in recent months, with the city’s most expensive hotels only 65 percent occupied from January through March. This has been the city’s worst year since a global recession in 2009, as wealthy travelers feel anxieties vacationing due to security concerns. Read more here.
Airbnb has debuted a pilot program called Sonoma Select, which will highlight the company’s push to offer a hospitable, hotel-concentrated experience. The model is intended to begin in July and its focal point will be a select number of highly-rated listings in Sonoma, Calif. To read more, click here.
This summer’s upcoming Republican National Convention has completely booked a deluxe Cleveland hotel property that has not even officially made its debut. The new, 9-story, 276-room Holiday Inn is scheduled to open May 8. To read more, click here.
When rock band Pearl Jam decided to cancel its concert in Raleigh, N.C., last week in opposition to House Bill 2, it cost four local hotels a total of $60,000, the Greater Raleigh Convention and Visitors Bureau reported. And celebrities aren’t the only ones reacting to North Carolina’s controversial new law, which limits transgender people to using bathrooms that match their birth gender. The state has been hit by a wave of hotel cancellations from tourists, and the list of groups reconsidering events in the state continues to grow because of HB2. Tourism is a major economic engine in North Carolina, where domestic travelers spent a record $21.3 billion in 2014. In Charlotte, more than 20 conventions have either canceled or are no longer considering holding their event in the state, according to the Charlotte Regional Visitors Authority. The Westin Charlotte, which draws more than 55 percent of its business from groups, told The New York Times that 11 groups have already pulled the hotel from consideration because of the law. Marriott International, which has 134 hotels across its brand portfolio in North Carolina, and Starwood Hotels & Resorts, with 20, are also reporting canceled reservations. To read more, click here.
Seattle’s tourism industry is booming, and driving hotel room rates up along with it. Visitors spent an estimated $6.8 billion last year, a nearly 6 percent jump from 2014. Occupancy jumped above 80 percent last year, with a room rate increase of 8.3 percent. To read more about the Seattle market, click here.