Scarce Funding For Small Hotel Developers
Associate Director for Tri Hospitality Consulting said smaller developers will continue to have difficulties funding hotel projects because banks are reluctant to lend for this asset class. John Podaris said “Life is hard for small developers. They will be looking to the private equity market – and the private equity market is particularly risk averse at this time.”
He said liquidity will probably not filter through to the market until after 2010, and banks are interested in secure, high end, sustainable developments. Podaris explained that banks are governed by good Central Bank rules about lending, and they generally focus on customers who generate the best business. He said banks will focus on clients they have established long term relationships with, and that have marketable projects.
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