When Jeremy and I decided we wanted to purchase an inn, we knew we were looking for something special. We had hospitality experience and a clear vision for what we wanted to create, but finding the right property and figuring out how to make the numbers work was another matter entirely. That’s where Rick Newman came into the picture.
Rick had previously financed the owner of the Journey Inn, so he already knew the property and its history. When the opportunity came up for us to purchase it, Rick was able to see something in the Journey Inn that we were just beginning to recognize ourselves. He helped us understand not only the property, but the potential behind it.
From our first conversations, Rick took the time to understand what Jeremy and I were trying to accomplish and whether the Journey Inn was the right fit for us. He guided us through the financing process, helped us understand what lenders would be looking for, and worked with us as we developed our business plan, financial projections, and pro forma.
There were plenty of numbers, spreadsheets, questions, and moments when we wondered if we were taking on more than we should. Rick was always there to talk things through. His experience in this very specialized industry was invaluable, not just because he understands inn financing, but because he understands the business of running an inn.
What we appreciated most was Rick’s honesty. He wasn’t afraid to challenge our assumptions or tell us when something needed more work. At the same time, he was incredibly encouraging when he saw opportunities we might have overlooked. He never made us feel like he was simply trying to put a deal together. He genuinely wanted us to make a good decision and ultimately succeed.
Rick also connected us with other professionals who became important members of our team. His relationships and knowledge of the hospitality industry gave us access to resources we would have had a difficult time finding on our own.
Buying the Journey Inn was a major life decision for us, and the process was not without its challenges. Having Rick in our corner made those challenges feel manageable. He was there to answer questions, provide perspective, keep us moving forward, and remind us to stay focused on the bigger picture.
What has impressed us most, however, is that Rick’s support didn’t end at closing. Even after we became the owners of the Journey Inn, he has continued to stay in communication with us, check in, and offer his support and perspective as we navigate the realities of owning and operating the inn. That ongoing relationship means a great deal to us and says a lot about the kind of person Rick is. He truly cares about the people he works with and wants to see them succeed long after the paperwork is signed.
Today, we are incredibly proud to be the owners of the Journey Inn, and Rick played an integral role in helping us get here. He didn’t just help us finance the purchase. He helped us see the opportunity, understand what it would take to make it work, and assemble the resources we needed to make our dream a reality.
We are incredibly grateful to Rick and would wholeheartedly recommend him to anyone considering purchasing an inn or boutique hotel. If you’re thinking about taking that leap, our advice would be simple: find Rick first.
