PARSIPPANY, New Jersey—Wyndham Hotels & Resorts has teamed up with investment firm Lafayette Square to provide diverse hoteliers with improved access to capital. Through this relationship, Wyndham will vet and 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. While not all hoteliers will qualify, viable candidates can use the funds to move forward projects that would otherwise stall due to lack of traditional financing.
Lafayette Square’s investment strategy addresses an issue diverse hoteliers face when it comes to access to capital and is the latest component of Wyndham’s BOLD (Black Owners and Lodging Developers) and Women Own the Room initiatives. Together, BOLD and Women Own the Room have resulted in more than 100 hotel deals with Black and women hoteliers, of which more than 20 are now open.
“Inequities still exist within hospitality, especially when it comes to financing. Champions like Lafayette Square—who believe in our same mission—can help us bring greater representation to our industry. 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,” said Galen Barrett, vice president, strategic franchise initiatives, Wyndham Hotels & Resorts.
“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,” said Abhay Patel, managing director, Lafayette Square.
