Once his LLC was up and running, Rattan purchased a Choice Hotels franchise location and has been the proud owner of a Sleep Inn & Suites franchise since 2004. Rattan’s wife, Amita, also helps with the hotel’s operations and works as the Sales and Marketing Manager at the hotel. In this role, Amita oversees the coordination of the various venue spaces the hotel offers its guests. Offering venue spaces for weddings, conferences, and reunions; event coordination plays a large part in providing their business with a steady cash flow.
"I had worked with some of the best hotel franchise brands in London. What I noticed is that most management companies did not thank the employees or managers that were working for them, because they were only working for guest satisfaction. That is when I decided to start owning my first hotel in 2004."
Are you an entrepreneur looking to learn more about owning a hotel franchise? Check out this blog article that explains the best hotel franchises to start.
In 2018, Rattan’s hotel underwent some renovations to try and improve the overall experience for his guests. After these improvements were made, adequate cash flow and working capital became a challenge for Rattan. This inadequacy of funds was only heightened when the COVID-19 pandemic hit in early 2020. Rattan’s business was impacted especially hard at this time as stay-at-home orders were put in place across numerous states. This meant that weddings, work conferences, reunions, and general travelling were put on hold – all activities that brought Rattan’s hotel a regular flow of customers.
As Rattan decided to start looking at his small business financing options, he came across Biz2Credit and was pleased to find out about the simple application and approval process that they offered their clients. After contacting one of Biz2Credit’s funding specialists, Rattan gathered his application materials and applied for a commercial loan.
“The lending specialist that I worked with at Biz2Credit was very up-front, professional, and guided me through the entire process of applying and getting approved. It can be difficult to get hotel financing, and the specialist gave me the confidence that; yes, it can be done.”
After working closely with his specialist through the application and approval process, Rattan’s hotel was approved for a commercial loan. By getting approved, Rattan has been able to focus on getting his business back on track instead of worrying daily about how he is going to manage cash flow. Additionally, with the introduction of COVID-19 vaccines, travel and events have increased which has led to an increase of bookings at his hotel.
Now that Rattan and his wife can focus on building their business and increasing occupancy to what they were pre-pandemic, their business has significantly improved. Since his wife has been able to invest more time into marketing their event spaces, corporate business travel has increased by 7%, and wedding business has increased by 50%.
When asked what advice he would give other business owners who need financing, Rattan said, “Two words: contact Biz2Credit!”
Luckily for other hotel owners, Rattan’s story is not one-of-a-kind. Here is how this New York-based small business owner was able to expand her family’s hotel business through a commercial real estate loan from Biz2Credit.
Are you the owner of a hotel or hotel franchise and looking to learn more about the different small business financing options that are available to your business? Check out this in-depth guide examining the different types of financing options for hotels and motels.. Or are you an entrepreneur curious about opening your own hotel? This in-depth blog article from Biz2Credit explains the cost of running a hotel franchise. Or, if you are a current owner of a different type of small business and are interested in seeking additional financing to help you meet your business goals, contact a Biz2Credit Finance Expert today!