Wyndham Hotels & Resorts has teamed up 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. Viable candidates will be able to use the funds to move forward projects that would otherwise stall due to lack of traditional financing.
This new development 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 unique challenges faced by each community.
What they said
Galen Barrett, vice president, strategic franchise initiatives at Wyndham Hotels & Resorts said: “Inequities still exist within hospitality, especially when it comes to financing. 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 at 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.”