Abstract
A steady flow of financing is essential to the continued expansion of the hospitality industry. Over the years, the industry has attracted the attention of different sources of financing, becoming "hot" for international financiers for a time and then attracting the attention of another source, such as life-insurance companies or Wall Street investors. Using the consensusbuilding Delphi method, the authors asked a panel of experts from the financial community and hospitality industry to determine where the sources of funding would most likely be for 11 different hospitality segments for the years 2000 and 2005. The financing prospects seemed strong for luxury and convention hotels and resorts, primarily from such sources as pension funds, life-insurance companies, investment banks, and money-center banks. On the other hand, big financing seemed unlikely for motels, budget-type properties, and extended-stay properties. While local sources, such as community banks, might finance select properties, the Delphi panel believed that a heavy supply overhang would discourage most lenders from investing in those segments.
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