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100 Units
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High quality, 100 room property. 16 cap, netting 600K, new lowered price $3,800,000. Strong revenues past 3 years. This is a great property!!!! (SC202) Steve Cooper
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68 Units
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68 unit interior corridor hotel for sale in Kansas. Absentee owner may help with financing. $3,700,000 (TP658), Tom Potts
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Units
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170+ ROOM FULL SERVICE FRANCHISE HOTEL FOR SALE WITH CONVENTION AND EXPO CENTER. NORTH CENTRAL MIDWEST REGION. $10M RANGE. (MD645) MIKE DELACY
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145 Units
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Kansas City metro area franchise motel for sale. 145 units, interior corridor, indoor pool, leased lounge. Situated on 9.5+/- acres fronting Hwy 71 at 4-way interchange. Major rail, warehousing and industrial development at your front door. (MM526) $2,550,000. Mac McClain - Southeast International Hotel Brokers
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282 Units
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2 franchised hotels on interstate in metro market. Must sell together. 282 total rooms. Racing & Casino adjacent to one property which includes a popular mexican restaurant. Properties are very close to one another, and seller may help with financing. (JDS716) $5,000,000 JD Smith
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HOME : Articles
Why Do I Need to Furnish Financial Information to the Insurance Company?
More and more often today, especially on new purchases, many of the most competitive companies price wise and feature wise are asking for financial statements and other business related material. Not only financial statements, but also they are asking for a business plan and resumes of the principals. This is especially true on new ventures and new purchases. I’ve been asked a number of times, “What business is it of the insurance company, as long as I pay my premium?” That’s a fair question and one that can be answered either yes or no.
Do I have to furnish a financial statement, business plan and resume’. The answer is both yes and no. Yes, will need to furnish the requested information if you want the very best rates and coverage. No, you won’t need to, if you’ll be satisfied with just a good policy at a decent premium. Let me ask you this, “If you could have a Lexus or a Kia for the same price, which would you choose?” Most would choose the Lexus. That’s somewhat the same with insurance. You can get the Lexus, BMW or Mercedes policy for the same price as a Kia policy if you will furnish financial information and business plan.
With the economy in many areas of the country facing a downturn, companies are concerned. One of the major concerns is that the insured has a plan, to make the property successful, and has enough of a financial cushion to maintain the property if it doesn’t perform to expectations. We often see that a cash strapped property tends to have more insurance claims than a profitable property. While it’s true a lender may have reviewed some of this information, the insurance company is looking at it from a somewhat different perspective.
Another area of concern I’ve heard is the matter of privacy. Just like banks, our agency is required by law to safeguard your financial information. Once we release the information to the insurance company, they also have a duty by law to protect your privacy. None of our records or the insurance company records go to the IRS or any government entity.
We at RCI and the National Hotel Insurance Program work on your behalf to provide you with the broadest possible coverage at a competitive premium. By providing the above information when the company requests it, you are actually helping yourself!
Please let us know if you have questions about some of the changes happening. The good news is that the low rates we’ve seen are fairly stable for claims free properties.
Regards,
Mick Cottom
RCI Insurance Group
621 N Cherokee Ave, Claremore OK 74017
(Ph) 800-753-5797
(Fx) 888-341-6088
www.rci-ins.com
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America's Best Franchising Names New Director of Franchise Development
America’s Best Franchising has named respected industry veteran Alan “Skip” Canavan to a key management position as Director of Franchise Development.
His responsibilities include increasing sales for the company’s four upper economy brands – America’s Best Inn & Suites, Budgetel Inns & Suites, Country Hearth Inns & Suites, and Vagabond Inns & Suites – plus its “3 Palms” upscale brand for independent properties.
For the past five years, Mr. Canavan has been a hospitality lender who originated and closed more than $100 million in commercial real estate transactions. Prior to that, he served for seven years as national sales manager for an e-commerce transaction processing firm.
A native of Boston, Mr. Canavan attended El Camino College in Torrance, California. Currently he is earning his credentials as a Certified Commercial Investment Member (CCIM) designating him as an expert in commercial and investment real estate.
Mr. Canavan became a Certified Real Estate Closer (CREC) through the Lied Institute of Real Estate Studies at the University of Nevada at Las Vegas (UNLV).
Atlanta-based America’s Best Franchising operates almost 300 properties coast to coast.
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