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Financing a Hotel to Condo-Hotel Conversion - LoanUniverse Community

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Financing a Hotel to Condo-Hotel Conversion


11 replies to this topic

#1 Guest_David_*

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Posted 23 November 2004 - 02:41 PM

What type of financing is available for a conversion of a hotel into a condo-hotel?

#2 avatarfi

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Posted 23 November 2004 - 03:22 PM

You'd probably be looking for commercial construction financing. It's similiar to rehab, but for the commercial set smile.gif

Try some searches at Google, Yahoo!, etc. If that doesn't work, you can try contacting my boss - Gillian Muessig - gillian at avatarfinancial.com - although we don't do these types of loans, she has a lot of contacts to direct lenders she can refer you to.

Best of Luck!

#3 loanuniverse

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Posted 24 November 2004 - 08:55 AM

Normally, conversion is done on apartment buildings. Converting a hotel property would be more difficult as the size of the rooms is much smaller than an apartment and the renovation might include some tearing down of walls.

Financing for conversions is usually done in two stages.

An initial disbursement that will provide funding for the acquisition of the property. This is the moment where you will need to come up with substantial equity {think 25%} of the acquisition cost.

A renovation portion, which will be disbursed over the time that it will take to do the refurbishments. {usually about 12 to 24 months}.

The lender is going to be looking at:

- Your experience.
- Your equity participation.
- Your net worth.
- The market conditions {demand}.
- The quality of the product
- It might also perform a gap analysis to find out if the property without the conversion would be able to pay the loan {believe me some projects hit snags after they are funded}.

That is it in a rough way.

#4 Guest_Susan_*

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Posted 01 December 2004 - 12:11 PM

I recently found a website that had good information on condo hotels including condo hotel conversions. Go to condohotelcenter.com.

You can also sign up for their Property Alert newsletter which gives information about new properties coming on the market.

Susan

#5 loanuniverse

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Posted 01 December 2004 - 11:48 PM

That site is for people interested in buying a condo unit. The original poster was interested in converting a hotel property into a condominium.

#6 Guest_Susan_*

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Posted 12 December 2004 - 01:26 PM

Yes, you're correct that the site www.condohotelcenter.com is primarily for condo hotel unit buyers. However, I noticed that they had a section called For Developers, and one of the services they offer information on is condo hotel conversions. Perhaps I should have specified this information in my earlier reply.

Susan

#7 pcinguina

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Posted 29 December 2004 - 03:57 PM

We are doing a conversion currently in NYC.
35 mill project nonrecourse.
Contact us.

#8 Jimbos

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Posted 02 April 2005 - 05:33 PM

I found a company that may be able to help you. Go to condotel.biz they have done many hotel conversions. I think you should check with them. Good Luck

#9 DEREK

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Posted 07 April 2005 - 06:40 AM

HELLO MY NAME IS DEREK IM A PRIVATE INVESTOR WHO WILL LOOK AT YOUR LOAN.IM DOING SOME CONDO-TELS HERER IN FLORIDA RIGHT NOW.CALL ME THANKS

#10 Guest_Bernadine_*

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Posted 09 May 2005 - 01:29 PM

I am a mortgage Broker looking for financing for Hotel Condo's in Galveston Tx can some one please let me know where to go and who to contact for Hotel Condo Financing.
PLEASE HELP rolleyes.gif

#11 Commercial Lender

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Posted 09 May 2005 - 07:14 PM

How big is the loan? What is the scope of the conversion i.e how much is needed for aquisition vs. conversion? and are they seasoned people involved?

#12 DEREK

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Posted 13 May 2005 - 06:52 AM

HELLO,

MY PARTNERS,AND I ARE PRIVATE INVESTORS IN FLORIDA WHO SPECIALIZE IN WHAT YOU ARE LOOKING FOR.WHAT STATE IS THIS PROJECT IN IS A KEY FACTOR?WE SPECIALIZE IN RAW LAND FINANCING,CONDOS,HOTELS,CONDO-TELS,AND CONSTRUCTION,OR ANY TYPE OF DEVELOPMENT PROJECT IN THE USA.THANKS

Edited by loanuniverse, 13 May 2005 - 07:45 AM.






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