Magnuson hotel brand gets SBA boost
New certification said speeding loan processNovember 6th, 2014
Magnuson Hotels, a hotel group offering reservation and property management services with headquarters in Spokane and London, says it now has converted 400 Best Western Hotels and 200 Choice Hotels to the Magnuson brand through its franchise conversion program.
The conversions have been aided in part, it says, by its recent certification to the U.S. Franchise Registry, a national listing of brands approved by the U.S. Small Business Administration.
The SBA franchise certification helps hotels secure loan guarantees with the SBA. Hotel projects receive faster financing approvals, cutting months off the typical loan process, Magnuson Hotels says in a news release.
Under the plan, SBA guarantees 75 percent to 85 percent of the loan, which lowers risk to banks, increasing their willingness to provide hotel loans based on registered brands, Magnuson says.
Year to date, it says, it has experienced a 40 percent rise in brand growth compared with the same period in 2013.
The Magnuson Hotel & Suites Alamogordo, located in Alamogordo, N.M., is the hotel group’s latest Best Western conversion. The 92-room Alamogordo hotel was formerly the Best Western Desert Aire.
The Magnuson Hotel Washington, located in Washington, N.C., is the latest Choice Hotels franchise conversion, according to the release. Magnuson Hotel Washington, previously the Quality Inn Washington, is a 58-room hotel located near the historic waterfront district of Washington.
Separately, Magnuson announced in late October the launch of hotelauthority.com, a website the company describes as an independent industry source of data, trends, and operational information for hotel owners.
Magnuson Hotels, which launched here in 2003, now has licensing agreements with nearly 150 hotels located in 30 U.S. states and two Canadian provinces and that carry Magnuson-branded names. In all, the hotel group says it represents nearly 2,000 hotels worldwide with assets in excess of $6.0 billion.
Some of those hoteliers formerly were aligned with such chains as Comfort Inn, Best Western, and Holiday Inn.
The company’s three brands include Magnuson Grand Hotels for upscale properties, Magnuson Hotels for mid-priced to upscale properties, and M Star for economy hotels.