Biz2Credit Helps InnVite Hospitality with Strategic Acquisitions

InnVite Hospitality owner, Andy Vasani, and his wife Bhavna have been hoteliers since 2003.

"We began our journey as Real Estate entrepreneurs 15 years ago," said Vasani. "Now, we have grown to over 400 employees operating throughout our 12 hotels in Ohio and Indiana. 2016 alone brought in $15 million in revenue. Needless to say, it has been quite the journey."

After emigrating to the U.S. from India, Vasani saw many entrepreneurs within his community diving into the hospitality industry and prospering. He was inspired to take up the torch as well, and give Commercial Real Estate ownership a shot.

"Becoming a hotelier has afforded me the opportunity to maintain a good work life balance," said Vasani. "We were in the midst of growing our family, and purchasing Commercial Real Estate just made sense a that time. As an entrepreneur, I have the freedom and flexibility to make my own schedule."

Vasani is no stranger to the world of small business loans. He has relationships with various banks and CMBS lenders. However, he found that working with Biz2Credit offered many advantages and opportunities that working with banks and CMBS lenders did not.

"What I really like about Biz2Credit is the quick turnaround," said Vasani. "Biz2Credit Commercial Real Estate expert Shawn C. always delivers on time, and with no surprises, such as suddenly requiring additional documentation. This is huge to me, because as an entrepreneur that needs to take risks, I don't like surprises!"

Vasani tried to go the traditional route, such as through banks, when looking for a small business loan provider, but quickly hit several roadblocks.

"I had to put so much money into nonrefundable deposits," he said. "I found that traditional lenders were very slow when it came to getting us the funds. Forget about the deposits; the time I wasted waiting to jump on an acquisition was priceless."

The infusion of cash and liquidity that Biz2Credit's financing was able to provide Vasani also freed up working capital for Innvite Hospitality, helping him to acquire three additional assets.

"With Biz2Credit's help, I was able to acquire two Best Westerns and one Hampton Inn. These two transactions were key to InnVite Hospitality's continuing success."

Vasani feels that many entrepreneurs wishing to get into hotel ownership think that it is a "hands-off" business. The reality, however, is far from it, and that is something that entrepreneurs need to be aware of.

"You will need to be involved and at the top of your game," said Vasani. "Hotel ownership was much more challenging than I thought it would be, but after 15 successful years, I feel that the grit and determination was more than worth it."

Since partnering with Biz2Credit, Vasani has gained more confidence in his ability to access financing when the need arises, no matter how urgent.

"If I have an opportunity come knocking and need to act fast to secure a Commercial Real Estate bridge loan, I know I can call Shawn anytime," said Vasani. "Biz2Credit has given me the freedom to capitalize on my ambitions for InnVite Hospitality and as a hotel entrepreneur."

InnVite Hospitality has an outstanding record when it comes to Commercial Real Estate. Maintaining that reputation was key to Vasani when choosing a small business loan provider.

"We have never put a property under contract that we could not close," said Vasani. "We have taken great lengths to maintain this reputation, and Biz2Credit has been with us every step of the way."

When asked if InnVite Hospitality has any major growth plans for 2017, Vasani had an interesting answer.

"We are going to enjoy the major strides InnVite Hospitality has made and focus on the properties we currently have," said Vasani. "However, if the opportunity does strike again I have Shawn on speed dial!"

BULLET POINTS FOR NEWSLETTER

Property Type: Hotel (Branded, Hampton Inn)
Loan Amount: 5.4 Million
LTV: 80% of Appraised Value/ 85% of Purchase Price
Funding Time: Approx 30 Days
Term: 24 Months
Finance Type: Commercial Real Estate