(The following is a guest column from Dilip Petigara, COO of AccessPoint Financial. The views expressed are his own.)

The economy's resurgence has certainly made itself known throughout many industries, the hospitality sector included. We continue to see new hotels constructed, and established properties undergo significant renovations – which have proved exciting for hotel owners, employees and customers alike. Projections are positive: PKF Hospitality Research's Hotel Horizons study indicated that all hotel chains in major markets can expect higher RevPar through 2017.  Now is the time for hotel owners to make investments in enhancements and renovations, whether that translates to a brand conversion or a modernization of technology. Competition is increasing, and hotels not prepared to make considerable updates will fall behind their peers. Whatever a hotel owner's objectives might be, it is important for them to identify a lender that will not just be a source of funding, but a true, long term strategic partner.

For many hotel owners, the current goal is to catch up with renovations that might have been put on the back burner during the economic downturn.  Forgoing or postponing renovations is extremely common during this time; the hotel industry came out of the recession with a multi-billion dollar backlog of brand-mandated refresh programs. Yet, now hotel owners are motivated to see these once-pushed aside projects breathe new life. Deferred projects are now coming to the forefront, enabling owners to rejuvenate their properties in this competitive market.

Beyond keeping up with their competitors' renovations, hotel owners are seeing another need for financing and strong lender partnerships: the rise of cash buyers entering the market. With more cash buyers as well as foreign investors, hotel owners do not just need capital, they need it fast. Franchisees in search of lenders should look to those that are capable of closing short term mortgage bridge loans and capital expenditure loans in a matter of 48 hours if necessary. That is possible with the right lending partner. Access Point Financial, Inc. (APF) focuses solely on the hotel industry – it is that dedication, thorough understanding of the industry and focus on hotels' specific financing needs that enable APF to deliver so rapidly.

While many hotel owners defer to traditional banks for their hotel loans, there is one distinction they will notice when turning to a specialty lender like APF: the ability to take not just financial history into account, but to weigh a property's projected performance, post-renovation. This allows hotel owners to better complete an acquisition or brand refresh and stabilize their property, giving them a much greater chance of securing a better rate and higher proceeds when they seek permanent financing. It is natural for a hotel owner to primarily consider financing needs in the near future; however, forging a relationship with a specialty lender can truly generate long term advantages. Securing a short term loan from a specialty lender can be the strongest first step to achieving long term goals; and a specialty lender is more likely to be there for every phase.

In addition to accelerated timeframes and the ability to consider anticipated performance, a specialty lender like APF can bring new strategies to the table. At APF, we have driven a financing strategy that involves carving out furniture, fixtures and equipment (FF&E) expenses from a construction loan. Construction lenders are usually in favor of this plan, as it lowers their costs and spreads the risk. Hotel franchisees often receive greater overall financing by working with two lenders simultaneously – it's the definition of a win-win.

Hotel owners should also be aware of the qualities lenders are assessing when evaluating prospective borrowers. A RobertDouglas, STR and Hotel News Now study of more than 50 lenders indicated they are looking more closely at the qualitative aspects of a loan request, such as location and quality, relative to cash flow-driven metrics. They also want to see available cash flow, or debt service coverage, to ensure there is savings to pay back the loan should the property see a revenue decrease. For lenders, it is not just about the financial health of the business – they also explore an owner's personal credit and financial history.

The market is growing. More investors. More lenders. More buyers. While it is making our industry stronger, it creates new challenges for hotel owners vying to keep their properties updated and competitive. With these challenges comes opportunity – the chance to develop relationships with lenders that will have a hotel owner's business and best interest in mind. It can be easy to, when seeking financing, pursue the most attractive interest rate or leverage the lender that also already holds your home mortgage. A specialty lender like Access Point Financial, Inc. empowers hotel owners to compete with cash buyers, foreign investors as well as their peers in the market. There is no need to keep either required or necessary improvements waiting any longer when expert lenders like APF are committed to helping hotel owners reach their short and long term objectives.