Lloyds TSB open for hotel business
The relationship director (hotels) for Lloyds TSB has said that the bank is open to hotels - for the right business.
"It is a myth to say that we are not open to lend money, but certain criteria have to be in place," said Tony Burnell (pictured).
"The most important factor is that a solid management team should be in place, with a proven track record, who have successfully worked through the tough times."
Burnell said that any hotel which Lloyds will consider financially supporting should be in the right location, and an existing business with a track record is a better bet than a new development.
"And finally, we will now lend no more than 60% of the value of the property, while in the past it may have been as high as 70%," he added.
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By Janet Harmer
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