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Section 9.1: Debt Fundamentals

The Three Constraints of Hotel Loan Sizing

Main Content

Concepts at a Glance

Key Terms Glossary

Chapter Summary

Review Questions

References

Section 9.2: The Underwriting "Walk"

Finding Sustainable Cash Flow

Section 9.3: The Hierarchy of Claims

Liquidation, Intercreditor Dynamics, and What Happens When the Music Stops

Section 9.4: Equity Structures and the Promote

How Sponsors Get Paid, and Why the Fund's Clock Governs the Asset

Section 9.5: The SBA Advantage

Choosing Between 7(a) and 504 — and Why You May No Longer Have To

Section 9.6: CMBS and Market Liquidity

Conduit Archetypes, the Maturity Wall, and the Takeout

Section 9.7: Specialized Green Tools

C-PACE, Sustainability-Linked Loans, and the Capital Stack's New Layer

Section 9.8: Dealing with Stress

Covenants, Cash Sweeps, and the Legal Battlefield of a Downturn

Quiz Section

Quiz: Debt Fundamentals

Quiz: The Three Constraints

Quiz: Stress Testing

Quiz: The Underwriting Walk

Quiz: Imputed Management Fee

Quiz: Hierarchy of Claims

Quiz: Liquidation Waterfall

Quiz: Equity Structures

Quiz: The Promote

Quiz: The SBA Advantage

Quiz: SBA 7(a) vs 504

Quiz: CMBS and Market Liquidity

Quiz: The Maturity Wall

Quiz: Specialized Green Tools

Quiz: C-PACE Financing

Quiz: Dealing with Stress

Quiz: Covenants and Cash Sweeps

Quiz: Intercreditor Dynamics

Welcome to Financing Hospitality: Loans, Investors, and Capital Structures, the definitive online course designed to demystify the complex world of hotel and hospitality real estate finance. Whether you are an aspiring hotel owner, a seasoned real estate investor, or a financial professional looking to specialize in the hospitality sector, this comprehensive program will equip you with the critical skills needed to navigate capital markets successfully.

Welcome to Financing Hospitality: Loans, Investors, and Capital Structures, the definitive online course designed to demystify the complex world of hotel and hospitality real estate finance. Whether you are an aspiring hotel owner, a seasoned real estate investor, or a financial professional looking to specialize in the hospitality sector, this comprehensive program will equip you with the critical skills needed to navigate capital markets successfully. The hospitality industry presents unique financial challenges and opportunities, requiring a deep understanding of both operational cash flows and intricate capital stacks. In this course, we dive deep into debt fundamentals, exploring the three constraints of hotel loan sizing and the nuances of the underwriting walk to find sustainable cash flow. You will master the hierarchy of claims, intercreditor dynamics, and equity structures, including how sponsors get paid through the promote. Furthermore, we will explore specialized financing avenues such as the SBA advantage (7(a) vs. 504 loans), CMBS market liquidity, and cutting-edge green tools like C-PACE and sustainability-linked loans. Finally, you will learn how to protect your investments during economic downturns by understanding covenants, cash sweeps, and stress-testing methodologies. By the end of this course, you will have a robust framework for structuring, securing, and managing capital for hospitality assets, ensuring you are well-prepared to thrive in any market cycle. Enroll today to unlock the financial strategies that drive the world's most successful hotel investments.

Chapter 9: Financing Hospitality: Loans, Investors, and Capital Structures

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            <p>Navigating the complex landscape of hospitality financing requires a deep understanding of how capital structures align with the unique operational demands of hotels. Unlike traditional commercial real estate, hospitality assets operate on daily leases, making their cash flows highly sensitive to market fluctuations and operational stress. This course provides a comprehensive exploration of the mechanisms that fund these dynamic assets, breaking down the critical relationship between debt fundamentals, investor expectations, and the overarching capital stack. By examining the three constraints of hotel loan sizing and the rigorous underwriting "walk" used to identify sustainable cash flow, learners will gain the analytical tools necessary to evaluate, size, and structure viable hospitality investments.</p>

<p>Beyond the foundational elements of debt and equity, this curriculum delves into the specialized financial instruments and market realities shaping today's hospitality sector. Participants will explore the hierarchy of claims and intercreditor dynamics, learning exactly how equity structures and sponsor promotes dictate financial returns. The coursework also highlights strategic financing avenues, including the nuances of SBA loans, the complexities of Commercial Mortgage-Backed Securities (CMBS) and maturity walls, and the emerging layer of specialized green tools like C-PACE. Finally, the program addresses the critical realities of asset management during economic downturns, equipping professionals with the strategic foresight to navigate covenants, cash sweeps, and distressed scenarios effectively.</p>
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