By contrast, soft costs include things like permit fees, survey costs, construction insurance premiums, and taxes. Failing to pay any of these fees can result in heavy fines, or can even halt your construction process. Therefore, if you are concerned about managing these costs, you may want to hire a design build construction contractor who will take care of all of this for you. In the end, it may be a more cost-effective option. Take this into consideration when determining your budget and how much hotel financing you will need for your project. If you decide to go with a design build contractor, ensure that you receive reliable estimates for their services before acquiring your hotel construction financing. This way, you will not be short on capital when the time comes to construct your hotel.

With ever rising hotel construction costs, it’s important to manage your expenses and find the best hotel financing for your needs. While you may be tempted to cut corners to save money, there are many other effective ways you can save without skimping on important details. First, you should make a detailed plan about your hotel construction project. Then, find the hotel financing that makes the most sense for you. Don’t be afraid to shop around for the best, most experienced lending company for your hotel construction financing.