Commercial Capital Network, LLC/InnFinancing.com (CCN), owned by Richard K. Newman, recently provided loan acquisition and property transition services for The Inn Around the Corner, an Asheville, NC, based inn owned by Chris and Myra Vergani. CCN’s depth of resources specifically in the areas of financing bed & breakfast and inn acquisitions for aspiring innkeepers proved a key asset in the smooth transition in ownership of The Inn Around the Corner to the Verganis.
“When I started the acquisition process of The Inn Around the Corner, I had my business plan, marketing plan, and financials already in place given my experience in the hospitality industry,” expressed Chris Vergani. “Where Rick proved key was in assisting us in obtaining the loan for the inn through his contacts and then handling the loan transaction process through to the end, which can be a challenge in this industry.”
Explains Richard K. Newman, “Loan acquisitions are a process which need to be delicately managed within the bed & breakfast and inn financing field. Many of these properties are historic or legacy businesses which makes obtaining the necessary documents for loans inherently difficult. At CCN, our extensive industry resources, banking contacts, and thorough knowledge of bed & breakfast and inn operations insures property acquisition runs smoothly and that both buyer and seller emerge from the transaction happy and as friends.”
As a result, inn and bed & breakfast acquisitions managed by CCN can be confident they will begin operations on a solid financial footing with the ground work firmly in place for future success.
Such is the case with the The Inn Around the Corner, which has bustled with activity since coming under the leadership of the Verganis. The Verganis have been continually making improvements to the Inn and its amenities. Redesign has recently been completed on several of the inn’s rooms and new landscaping is the perfect complement to the blooming magnolia and other harbingers of spring that decorate the outdoor spaces of The Inn Around the Corner.
“We used the downtime over the winter to enhance the property and now as we enter the new season the booking pace is going well and we are optimistic for an exciting season ahead,” expresses Chris Vergani.
The Inn Around the Corner is available for traditional inn vacation stays or can be rented for exclusive use for events such as weddings and family reunions. To learn more about The Inn Around the Corner, or to secure a room reservation, visit the company website at www.innaroundthecorner.com.
CCN offers national resources and expertise to a wide range of clients interested in owning a bed & breakfast or country inn. CCN’s services assist both innkeepers and aspiring innkeepers alike with evaluating and verifying inn financials, aligning their assets for inn acquisition, and creating resourceful strategies for long term business success. Visit www.innfinancing.com for further information on Inn Financing and to learn more about the company’s most recent inn and bed & breakfast acquisition projects.