All interesting article to read What To Expect When Going Through Hotel Constructi

What To Expect When Going Through
Hotel Construction
Travel is an unavoidable part of life, although not necessarily a bad one! The hotel business is
extremely lucrative, with the market growing every year since 2014. People are always moving from
place to place by plane, bus, ship, train, car, and more. Quality lodging is always needed as it houses
all kinds of travellers such has people on business, long-stay travellers, and those who are on
vacation. There are all kinds of hotels to serve these specific markets. Fancy hotels, youth hostels,
camping grounds, motels, and elder hostels are some of the types of hotels that you could decide to
build. But no matter what you choose, you are going to want to make your hotel construction
process as easy as possible. Here is what you need to know about building your hotel.
Build Your Team
The first thing you will need to do is bring in an expert team. This will usually be a lender, architect,
and contractor who will be working together to support you through your decision-making
process. Some of your decisions will involve how long the construction should take and construction
financing.
What Will Financing Look Like?
The lender will usually use the SBA 504 loan program to include all costs of construction. When
you choose your lender, you will be asked a number of questions. This is so the lender can check
contingency, the scope of work, and any permits that might be needed. You will probably be asked
questions a such as:
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Is the property you are building on zoned or sub-divided?
What fees should be paid?
What are the lengths of time on the zoning and permits?
How long will the construction of the hotel take?
Will you be hiring qualified inspectors to keep an eye on the process?
What type of hotel is being built?
Once these questions are addressed, the lender will figure out which type of loan best suits your
needs. They usually require some money upfront to look over your drawings, planning process, and
issue the necessary permits. They may even add a few additional months to the project in case of any
unexpected delays. Whenever it is possible, a loan should be finalized before any construction
begins.