Hospitality Financial Leadership: Duty Meals
David Lund | January 20, 2020
By David Lund Recently I attended a hotel association conference where I was a speaker for one of their breakout sessions. The opening morning of the convention started with a breakfast where we listened to the many great developments within the association in the past year and heard a fantastic story from the morning keynote about evacuating an entire city without one casualty or serious injury from an oncoming forest fire. What a morning! But the thing that got me more that anything else that day was a memory. The memory of being in that very room some 35 years earlier having breakfast all by myself. You see it was the hotel and dinin...
Sonnenblick-Eichner Company Arranges Interim Leasehold First Mortgage Financing for Residence Inn by Marriott Walnut Creek, Walnut Creek, California
Sonnenblick-Eichner Company | January 15, 2020
Beverly Hills, CA – January 15, 2020 – Sonnenblick-Eichner Company has arranged interim first mortgage leasehold financing for the Residence Inn by Marriott Walnut Creek, located in Walnut Creek, CA. The non-recourse LIBOR-based loan funded upon completion of construction and the opening of the hotel. The Residence Inn by Marriott Walnut Creek is a 160-room, six-story, extended-stay hotel located in the heart of downtown Walnut Creek. The 77% loan-to-cost loan with a credit spread in the low 300s over LIBOR, provided a return of cash equity to the borrower and relieves them of the recourse obligations associated with the construction l...
Hospitality Financial Leadership: Chapter Four – The Pencil
David Lund | January 13, 2020
By David Lund The week after the summit was a bit of a blur for me. Several requests for interviews, all declined. Our public relations manager handled these with a simple story the flag mishap was a mistake given the procurement of new flags and the innocent mix up of which ones go where. Not our finest hour but the furor died down. But not before the chairman’s call. He was ballistic. “How could you be so stupid,” he asked? I explained the situation to him and he calmed down a little. “That little princess,” he said, “You tell her the next time she calls that we are not part of her domain. “Liquor permits or...
Access Point Financial Partners With AD1 Global to Finance the Development of Hyatt Place and Home2 Suites in Palm Bay
Access Point Financial | January 7, 2020
Leading hospitality industry lender selected to finance dual properties for new Florida development partnership, citing reliability and flexibility ATLANTA – January 7, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, has signed an agreement with top hotel development and management firm, AD1 Global Hospitality, to finance the development of a Hyatt Place and Home2 Suites by Hilton located in Palm Bay, Florida. Access Point Financial provided $26.8 million in financing for the development of the hotels, with $15 million for the 106-room ...
Hospitality Financial Leadership: My 10,000 Hours
David Lund | January 6, 2020
By David Lund This piece is about a book I read that was a gift to me by my daughter one Christmas not that long ago. At the time I had no idea how much it would mean to me and how important it is for people to understand its message. The message is simple, no one just lands on this planet with what they need to be successful. We ALL must work for it. That’s right and I know you have heard this before as did I, but having read the book and now having experienced what I have it comes full circle. I want to share with you what it means to me—what it means to me to have worked for it and in hope that it will help you see your own maste...
Spirides Arranges $10 Million Hotel Construction Loan for New Holiday Inn Express in Lumberton, NC
Spirides Hospitality Finance Company | December 19, 2019
TAMPA, FL—Spirides Hospitality Finance Company has successfully arranged and the borrower has officially closed on a $10 million construction to permanent, first priority mortgage loan from a Southeast U.S. headquartered bank to finance the development of a new Holiday Inn Express in Lumberton, North Carolina. This new 95-guest room, 5-story Holiday Inn Express will be built on 2.2 acres of land located at 302 Wintergreen Drive near Interstate 95 Exit 22 in the City of Lumberton, Robeson County, North Carolina. Hotel amenities will include a breakfast dining area, a meeting room, an indoor swimming pool, an outdoor courtyard, a fitness c...
Hospitality Financial Leadership: Chapter Three – The Flags
David Lund | December 11, 2019
By David Lund The crap I must deal with never ceases to amaze me. The Stow sees many groups and we were preparing for an international political gathering and my country’s government was hosting the event. This meant lots of politics, decorum and protocol that all gets sorted out, or so to speak. It was nothing short of a cluster bomb and I had to stick-handle my team and the politicians. Our city and country have a colorful history and it is rich in its traditions and symbols. My phone rang late one afternoon as the summit was less than a week away. My secretary, notice I didn’t call her an assistant, she was a secretary and somewh...
Hospitality Financial Leadership: Hotel Franchise/Management Fees & 20 Years Is a Long, Long Time
David Lund | December 2, 2019
By David Lund Being a branded or franchised hotel is an expensive endeavor. Especially when you consider the average agreement is 20 years in duration and you’re on the hook for the fees outlined in your agreement plus anything else the management company throws at you. When I say on the hook, I mean they can literally charge you for whatever they want as long as they determine it is in your best interest. This is the basic concept that forms the meat of the management or franchise agreement. When you consider the cost of the fees there are some terms you will want to get familiar with. Terms that are part of your hotel management ...
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