Today's Hotelier - September 2017 - 55

 4.5-MINUTE READING TIME

leading banks charge each other for
short-term loans.) In exchange for taking on the risk of an unproven property
and not requiring personal guaranties,
most bridge lenders charge 1 percent of
the loan amount as an origination fee
at closing.
Because CMBS financing hinges on
current market conditions, and your
property's future ability to generate
enough income to cover any debt service
is unknown, qualifying for long-term
debt when the bridge loan matures is
not guaranteed. CMBS conduit lenders,
however, want to have a steady stream
of deals in their pipeline to meet investor
demand. As a result, lenders diligently
vet each property and only award bridge
loans to hotels they believe will be successful when it's time to transition to
permanent debt. In addition, your lender
will stay updated on the property's progress through ongoing required profit
and loss reporting. Some debt funds in
the marketplace don't have a fixed rate
program, but will underwrite the deal
to ensure that it will work for a fixed
rate permanent loan once stabilized. An
experienced intermediary will know how
to demonstrate the property's future
potential to the lender at the time of the
bridge loan and again when ready for
permanent debt, in order to secure the
most favorable terms for your hotel. ■
Rushi Shah is CEO
at Conlon Capital, a
commercial mortgage
846232_Brigadoon.indd
banking firm formed by a
merger with Aries Capital,
which specializes in CMBS
and other non-recourse lending solutions.
Over the past 26 years, the Conlon and
Aries teams have collectively funded
more than $8B for hotel, multifamily and
other commercial properties. Shah held
previous positions at Northern Trust and
is a member of AAHOA's Founding & Allied
Member Committee. Shah holds an MBA
from The University of Chicago's Booth
School of Business.

1

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TODAYSHOTELIER.COM | SEPTEMBER 2017
16/03/17
11:30 PM


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Table of Contents for the Digital Edition of Today's Hotelier - September 2017

Our National Parks: Still Beautiful but in Need of Repairs
Sustainability Steadily Becoming Part of Lodging Industry Dna
Energy Efficiency Good for Wallet – and Guests
Aahoa Interview
Technology
There’s More to Led Conversions Than Just Cost Savings
Case Study
Aahoa Interview
Small Business
Housekeeping
Property Taxes
Leadership
Marketing
Finance q&a
Back of the House
Final Thoughts
Letter From the Chairman
Letter From the President & CEO
Aahoa Founding Members
Aahoa @ Industry
Classifieds
Advertiser Index
Today's Hotelier - September 2017 - intro
Today's Hotelier - September 2017 - cover1
Today's Hotelier - September 2017 - cover2
Today's Hotelier - September 2017 - 3
Today's Hotelier - September 2017 - 4
Today's Hotelier - September 2017 - 5
Today's Hotelier - September 2017 - 6
Today's Hotelier - September 2017 - 7
Today's Hotelier - September 2017 - 8
Today's Hotelier - September 2017 - 9
Today's Hotelier - September 2017 - Letter From the Chairman
Today's Hotelier - September 2017 - 11
Today's Hotelier - September 2017 - Letter From the President & CEO
Today's Hotelier - September 2017 - 13
Today's Hotelier - September 2017 - Our National Parks: Still Beautiful but in Need of Repairs
Today's Hotelier - September 2017 - 15
Today's Hotelier - September 2017 - Sustainability Steadily Becoming Part of Lodging Industry Dna
Today's Hotelier - September 2017 - 17
Today's Hotelier - September 2017 - 18
Today's Hotelier - September 2017 - 19
Today's Hotelier - September 2017 - 20
Today's Hotelier - September 2017 - 21
Today's Hotelier - September 2017 - Energy Efficiency Good for Wallet – and Guests
Today's Hotelier - September 2017 - 23
Today's Hotelier - September 2017 - 24
Today's Hotelier - September 2017 - 25
Today's Hotelier - September 2017 - Aahoa Interview
Today's Hotelier - September 2017 - 27
Today's Hotelier - September 2017 - 28
Today's Hotelier - September 2017 - 29
Today's Hotelier - September 2017 - Technology
Today's Hotelier - September 2017 - 31
Today's Hotelier - September 2017 - There’s More to Led Conversions Than Just Cost Savings
Today's Hotelier - September 2017 - 33
Today's Hotelier - September 2017 - 34
Today's Hotelier - September 2017 - 35
Today's Hotelier - September 2017 - Case Study
Today's Hotelier - September 2017 - 37
Today's Hotelier - September 2017 - Aahoa Interview
Today's Hotelier - September 2017 - 39
Today's Hotelier - September 2017 - Small Business
Today's Hotelier - September 2017 - 41
Today's Hotelier - September 2017 - Housekeeping
Today's Hotelier - September 2017 - 43
Today's Hotelier - September 2017 - Property Taxes
Today's Hotelier - September 2017 - 45
Today's Hotelier - September 2017 - Leadership
Today's Hotelier - September 2017 - 47
Today's Hotelier - September 2017 - 48
Today's Hotelier - September 2017 - 49
Today's Hotelier - September 2017 - Marketing
Today's Hotelier - September 2017 - 51
Today's Hotelier - September 2017 - 52
Today's Hotelier - September 2017 - 53
Today's Hotelier - September 2017 - Finance q&a
Today's Hotelier - September 2017 - 55
Today's Hotelier - September 2017 - Back of the House
Today's Hotelier - September 2017 - 57
Today's Hotelier - September 2017 - 58
Today's Hotelier - September 2017 - 59
Today's Hotelier - September 2017 - Aahoa Founding Members
Today's Hotelier - September 2017 - 61
Today's Hotelier - September 2017 - Aahoa @ Industry
Today's Hotelier - September 2017 - 63
Today's Hotelier - September 2017 - 64
Today's Hotelier - September 2017 - Classifieds
Today's Hotelier - September 2017 - 66
Today's Hotelier - September 2017 - 67
Today's Hotelier - September 2017 - 68
Today's Hotelier - September 2017 - 69
Today's Hotelier - September 2017 - 70
Today's Hotelier - September 2017 - 71
Today's Hotelier - September 2017 - 72
Today's Hotelier - September 2017 - 73
Today's Hotelier - September 2017 - 74
Today's Hotelier - September 2017 - Advertiser Index
Today's Hotelier - September 2017 - Final Thoughts
Today's Hotelier - September 2017 - 77
Today's Hotelier - September 2017 - 78
Today's Hotelier - September 2017 - cover3
Today's Hotelier - September 2017 - cover4
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