I want to purchase a hotel, but where do I get a loan or someone to help back the purchase?

Question

I have been working for this hotel for 3 years, and the owner is selling. I would like to purchase the hotel and clean it up and make it a #1 hotel in the area.

Answer 1

First arrange to see the manager of a bank, and talk to him/her about your intention, and how you would like to change/improvise on the target hotel.

Try to convince him/her of your idea, and if this seem workable the bank will advise you on the follow up.

However be ready wilth a business plan which should include factors such as marketing and services (since this is going to be a hotel) and also how you would like the funds to be used and in what way you can re-pay the bank.

Answer 2

Any bank can give you a loan, but you might want to try venture capitol firm as well. Make sure to have a good business plan and proposal before you go in though.

Good Luck