Wyndham Hotels & Resorts has partnered with investment firm Lafayette Square to provide diverse hoteliers with improved access to capital. Through an exclusive relationship, Wyndham will vet and directly connect qualified owners with Lafayette Square, which aims to help hoteliers with up to $100 million in combined financing from the firm over the coming years. While not all hoteliers will qualify, viable candidates can use the funds to move forward projects that would otherwise stall due to lack of traditional financing.

Lafayette Square’s investment strategy addresses a critical issue diverse hoteliers face when it comes to access to capital, according to Wyndham. The partnership is the latest component of Wyndham’s BOLD (Black Owners and Lodging Developers) and Women Own the Room initiatives, which aim to bolster hotel ownership by Black and women entrepreneurs by addressing the challenges faced by each community.

From networking and educational opportunities via the newly launched Accelerator Circle, to operational support and complimentary services to help maximize revenue, each program offers tailored solutions to help entrepreneurs on their path to hotel ownership. Together, BOLD and Women Own the Room have resulted in more than 100 hotel deals with Black and women hoteliers, of which more than 20 are now open.

“Inequities still exist within hospitality, especially when it comes to financing,” said Galen Barrett, VP, strategic franchise initiatives, Wyndham Hotels & Resorts. “Champions like Lafayette Square—who believe in our same mission—can help us bring greater representation to our industry. There are deserving, credible hoteliers that continue to face roadblocks, and we’re committed to using our network to not only give the keys to hotel ownership to more diverse owners but, ultimately, help give them the access to tools, resources and partners they need to succeed.”

Abhay Patel, managing director, Lafayette Square, added, “Financing is an ongoing issue—particularly for diverse hotel owners— and there’s a growing need to intervene. We believe in elevating entrepreneurs who have historically not had the backing to succeed. Tapping into Wyndham’s network brings us and our resources to the epicenter of hospitality, helping make hotel ownership more attainable to qualified hoteliers.”

Despite a background in real estate and experience owning a hotel in Memphis, BOLD member Dr. Amina James continued to face the same challenges she had previously with banks upon exploring her next venture in Lake Charles, LA, including high rates and deals that did not provide enough capital to fund her business plan. As a result, Wyndham introduced Dr. James to Lafayette Square, resulting in her becoming the first Wyndham franchisee to receive financing from the firm.

Because of Wyndham’s connection to Lafayette Square, Dr. James worked out a package solution facilitating the acquisition of her second hotel, which is now open as the Wyndham Lake Charles. With the financing, Dr. James plans to upgrade the property and streamline operations with a third-party management team.

“Because of Wyndham’s support, the credibility they saw in me and their connection to Lafayette Square, I can now say I own two hotels,” said James. “BOLD and Women Own the Room are actively changing hospitality by forging the path—and knocking down the barriers along the way—to make hotel ownership possible. That’s a vision and a mission I’m proud to be part of.”

The post Wyndham teams up with Lafayette Square to help diverse hotel owners appeared first on hotelbusiness.com.

This post was originally published on this site