Wyndham and Lafayette Square team to provide financing
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.
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.”