Biz2Credit Funds Historic Hotel Revival
For Sarah Dhar, hospitality-entrepreneurship comes naturally.
"My family owns hotels in India," says Sarah. "We wanted to continue expanding the family business."
Dhar spent almost a year searching for the perfect boutique hotel that could be revived through redevelopment. Eventually, she stumbled upon Villa Maria, an establishment in Haines Falls, New York that originally opened in the 1950's and is considered a town landmark.
"Catskills has seen a surge in the number of tourists in recent years," explains Sarah. "The town used to be a winter vacation destination only, but there has been an increase in warm weather vacationers looking to experience upstate New York in the spring and summer."
"Not only is the small mountain town an up-and-coming tourist destination, the location of the establishment is more than ideal, making it a deal the Dhars' just had to jump on with the help of Biz2Credit."
"Villa Maria sits right along 23A, the arterial road that connects to towns like Hunter, Tannersville, and Windham, "says Sarah. "This allows for a lot of visibility of the hotel, and the location connects seamlessly to other popular tourist destinations."
"The Dhars reached out to Biz2Credit Real Estate expert, Shawn Cournoyer, once they decided that Villa Maria was indeed the right property for their boutique lodging facility."
"I have been a Biz2Credit client for almost three years," says Vishal Dhar. "However, this is the first time that my wife, Sarah, has received funding. Since I have a very good working relationship with Biz2Credit, we felt comfortable partnering with the company for the purchase of this property." The Dhars' received $1.6 million at a 12% interest rate with a 24-month term.
"Commercial real estate transactions come with their own complexity," says Vishal. "But Biz2Credit made the application process much simpler. Shawn provided guidance every step of the way, and Biz2Credit got us the funding that we needed, quickly and efficiently."
The Dhars' redevelopment plans for Villa Maria include a upgrade to the existing structure. The property will redevelop 46 rooms, with three food and beverage and retail outlets, including a fine casual restaurant, gourmet food truck, and salon. Examples of hotel amenities include a screening room, library and kids club, with a number of guest activities including hiking and yoga.
"We will open in October 2018," says Dhar. "This would consist of 25 rooms and two food and beverage establishments. We are excited to create a spark of renewed tourism in a beloved part of upstate New York."
Sarah does have one piece of advice for hospitality entrepreneurs looking for commercial funding.
"Make sure you have all of your documentation ready to go before applying for funding," says Dhar. "This will make the process smoother and will ensure that you will receive the financing you need in time to begin developing your property."
"Commercial real estate transactions comes with their own complexity," says Vishal. "But Biz2Credit made the application process much simpler. Shawn provided guidance every step of the way, and Biz2Credit got us the funding that we needed, quickly and efficiently."
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