How to Utilize Hotel Financing
In this post, we’ll share six suggestions on how to utilize hotel and inn financing to make significant enhancements to your business. Before you know it, your guest list will be overflowing with eager customers who can’t wait to stay at your hotel!
1. Pay for interior updates – First impressions matter! When patrons walk into your hotel or inn, they’ll want to see a clean, comfortable place to stay. If your hotel’s interior is outdated, with worn furniture and dowdy decorations, they’ll likely regret making a reservation. So, to combat this reaction, you should consider using your hotel financing for interior improvements. Giving your hotel’s interior some TLC could even increase the amount of bookings, which is certainly your biggest priority! Remember, once your interior’s transformation is complete, make sure to update the photos on your website, Yelp profile and other listings. That way, future guests can see the beautiful new space you’ve created.
2. Invest in marketing opportunities – It is important to advertise your hotel or inn on social media, online and through other mediums. Most lodging locations are featured on numerous booking sites, in addition to their own website and social media profiles. If you receive hotel financing, you should contemplate using it to create new marketing opportunities for your business. This could be by paying for a partnership with a reputable booking site, creating a sponsored social media campaign or updating your website. Regardless of the avenue that you pursue, you won’t regret marketing your business using your additional working capital.
3. Hire new staff members – Your hotel should never feel understaffed. If you don’t have enough employees to assist your guests, they won’t be satisfied with their experience. Once you receive your hotel or inn financing, you can start the hiring process. Consider which departments of your hotel staff need more assistance, such as the front desk or housekeeping. Having a well-staffed business will help your overall operations run smoother!
If you feel that your business has enough employees, you could hire seasonal employees to work at your hotel during the holiday season. This will ensure that your business can handle the holiday rush, without overworking your existing team.
4. Add new amenities – When considering how to use business financing, it is important to brainstorm ways that you can stand out against nearby hotels or inns. What amenities do they not offer, that you could integrate into your services? Maybe this is a spa, pool or technology room. Perhaps they are lacking in certain conveniences, like Wi-Fi or room service. Do your research, and plan for how you can use your additional working capital to invest in these amenities. You might not realize it, but your customers could be more likely to book a room at your establishment if they see that you offer certain features!
5. Give your landscaping a makeover – The outdoor appearance of your hotel or inn can be just as important as the interior! That’s why many business owners use inn and hotel loans for landscaping upgrades. Whether it is to hire a consistent landscaper to manage the day-to-day upkeep, or to pay for pay for landscaping technologies such as LED lighting and automated sprinklers, your customers will likely take notice.
6. Transportation services – Customers will appreciate it if you provide transportation services to airports, local attractions and other nearby destinations. You should aim to make your patrons’ stay as seamless as possible, which is why you should consider using hotel loans for this area. Plus, it is important to note that having transportation services could be another way to earn additional revenue for your hotel.
Now that we’ve explained how you can use financing for your hotel or inn, it’s time to get to work! Devise a plan for executing these strategies, determine how much financing you’ll need and apply to a reputable lender. If you’ve already used working capital for your hotel or inn, tell us about your experience in the comment section below!
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.