Hotel Loans for Goshen, IN Hotels and Motels: Linen Par Stock, Laundry Machines and a Guest Shuttle Van

Housekeeping runs on par levels: one set of sheets and towels on the beds, one in the laundry and one on the shelf. In this invented case a 62-room Elkhart County, IN hotel restocks to three par and the order comes to $11,940.

Linen is used up over a year or two, so a line of credit draw paid down over a few months fits it. The invented hotel draws $11,940 at 13.25% a year and pays $2,985 back each month. Interest is figured on the balance left each month, so the invented draw costs $329.60 in interest before it reaches zero in the fourth month.

A hotel that sends linen out pays per pound; one that washes in house pays for the machines. In this invented case the hotel prices a 60-pound washer-extractor at $18,630 and a matching dryer at $10,850, $29,480 in all.

With five years of equipment financing at 9.7%, the invented pair costs $622.02 a month; across 60 payments that is $37,321.20, interest $7,841.20. A partner may ask for:

• The laundry equipment dealer’s quote, with model numbers
• Recent business bank statements and the hotel’s time in operation
• The current linen service invoices, if the hotel uses one, to compare costs
• Who owns the building, since the machines sit inside it

Water, drain, gas and dryer venting for the machines are property work, which is outside this site; the request covers the machines.

Some companies book rooms for visiting crews and pay the hotel once a month on an invoice. In this invented case the corporate account pays 38 days after the hotel bills it, and the hotel’s housekeeping payroll of $6,180 falls every two weeks.

Depending on where the first payday lands, two or three housekeeping payrolls fall in those 38 invented days, $12,360 or $18,540. Drawing the larger figure for the whole wait at 13.2% a year costs $254.79 of simple interest in this invented case.

A credit line fits a gap that repeats every month and closes when the account pays. A term loan fits a one-time cost that lasts years, such as the laundry machines above, and a working capital loan fits a hotel that needs a larger cushion for several months.

A shuttle van carries guests to meetings, a restaurant or a nearby plant. In this invented case the hotel finds a used 12-passenger van for $38,600.

A partner may review the seller’s bill of sale, the van’s mileage and title, a commercial auto insurance quote and the hotel’s bank statements. At 10.8% a year over five years, the invented $38,600 van works out to $835.41 a month and $50,124.60 over the 60 payments, $11,524.60 of it interest.

The van stays a hotel vehicle: it carries the hotel’s own guests, and the title is the collateral the partner may hold.

Before it signs, the hotel can have a mechanic check the van’s brakes, tires, wheelchair ramp if it has one, and the seat belts in every row, and it can price the commercial insurance first. A van that needs major repairs soon after delivery adds a second cost on top of the monthly payment, so the inspection belongs before the request rather than after.

The 2023 County Business Patterns list 44 traveler accommodation establishments with paid employees in Elkhart County, IN. Their 534 employees drew about $11 million in payroll for the year, and 15 of the 44, or 34.1%, had fewer than five employees.

In ZIP Code Business Patterns for the same year, nine traveler accommodation establishments had a ZIP 46526 address, the ZIP that carries the Goshen, IN name. Lodging run without any paid staff is counted by Nonemployer Statistics, which listed 30 such businesses in Elkhart County, IN for 2024.

Restaurants, the other trade in this group, have their own page; the industries page lists every trade with one.