Howard Johnson Hotel

howard_johnson

HOWARD JOHNSON HOTEL
Rajesh & Beena Patel
I-95 AND U.S. HIGHWAY 17
Hardeeville, SC 29927
(843)784-2271

As you drive along Interstate 95 and approach the town of Hardeeville, South Carolina, you can’t miss the Howard Johnson hotel. Newly renovated, and located right next to the Interstate, it is one of the best hotels in the area — one that boasts 10 hotels and 18 restaurants. Name recognition and accessibility alone make the Howard Johnson hotel one of traveler’s favorites.

The hotel is owned and operated by Rajesh (Raj) and Beena Patel. Raj is one of the five initial owners of the real estate, having bought out his partners in 2001 after the major construction was completed. The initial owners obtained seller financing to purchase the real estate and bank financing to fund the renovations. Both notes’ maturities were the same and required attention in early 2002.

As the new “sole” owner of the hotel, Raj began to review his financing options and decided, with his bank’s assistance and guidance, that an SBA 7(a) loan was his best choice. Armed with the support of his banker from People’s State Bank, Raj approached SBAC to ask for assistance in preparing the 7(a) application.

The loan package was prepared, submitted, and approved by the SBA. This allowed Raj to get long term financing for a real estate project from a bank that otherwise would not have been able to do it. Since the loan has closed and traffic on the Interstate has increased — especially with more people traveling by car these days — the Howard Johnson hotel has seen a steady increase in patronage.

If you find yourself weary of watching the white lines on Interstate 95 and happen to be passing through the town of Hardeeville, stop in and check out the new rooms and get a good night sleep at the Howard Johnson.