While many hoteliers understand the need for property improvement plans (PIPs) and incorporate them into their development plans, they might not realize that the proper timing of PIPs can drive lender appetite and deal structure. They can even impact whether a transaction crosses the finish line.  Heading into 2026, it’s critical that borrowers align with their lenders on PIP timing to avoid hitting roadblocks.  Where Owners and Lenders Diverge  While owners may look at PIPs as items on a distant ‘to-do’ list, […]

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