OAKLAND, CA—The hospitality hospitality industry in Californiais showing positive signs of economic recovery, as indicated bySBA financing secured by hotel owners, accordingto CDC Small Business Finance, the nation's leaderin SBA-504 loans used to purchase commercial realestate.
Small Business Administration data reveals that SBA-504financing approved for California hotels in FY14 has exceeded$163 million, more than triplethe $56 million lent in FY13. The Bay Area, LosAngeles and San Diego rank in the top 10nationally for hotel room sales volume, according to a reportissued this month to the California Hotel and LodgingAssociation.
“Hotel owners have leveraged SBA-504 loan capital to acquire andimprove properties,” said Kelly Ryan, SBA loanexpert for CDC Small Business Finance in Northern California. "SBAfinancing enables hoteliers to obtain multiple SBA loans formultiple hotels with no project size limit."
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
