Alta Thoughts (August 2026) + The Five Ps of Financing
By Rakesh Patel
Raising bank debt can be challenging for lifestyle and experiential hospitality concepts that sit outside traditional hotel underwriting models. Given this, I’m proud to share that both our wellness retreat development in Phuket and heritage restoration project in Barcelona secured financing from United Overseas Bank Thailand and Banco Santander Spain respectively.
Going through both processes over the past year reinforced several lessons for me that revolve around five Ps: Perspective, People, Planet, Patience and Persistence.
Since the Global Financial Crisis, banks have become more conservative in how they assess and manage risk, especially in the SME sector. This conservatism has also helped fuel the enormous growth of private credit and alternative lenders filling the financing gap.
Given this backdrop, one key takeaway is understanding the transaction from the bank’s Perspective. The more proactively borrowers help lenders mitigate risk, the smoother the process becomes. This starts with a robust business plan and credible operating platform. Lifestyle hospitality can still feel non-traditional, so demonstrating commercial resilience is essential.
This was particularly relevant for our projects, which are intentionally differentiated. In Phuket, our partnership with Vikasa provides an authentic wellness-led proposition, while Casa Musa in Barcelona combines boutique luxury with heritage, art and design-led positioning. The challenge is demonstrating that this differentiation is a commercial strength rather than an underwriting risk, while offering banks diversification beyond conventional hotel models.
People are equally important. Sponsor credibility, track record and execution capability matter, as does meaningful equity investment. Having “skin in the game” gives lenders confidence around project completion and alignment of interests.
I have also been encouraged to see that sustainability and protecting the Planet remain relevant within hospitality financing, with banks actively growing their green lending books. In Phuket, we are targeting EDGE Advanced and Travelife certifications, while in Barcelona we are pursuing Biosphere certification.
And the importance of People also extends to the bank itself. Despite all the discussion around AI transforming banking, strong relationship managers still matter enormously. Banks are large, complex organisations and can be challenging to navigate. Having excellent RMs alongside you can make all the difference.
Finally, securing financing still requires plenty of Patience and Persistence – so come prepared!
Many thanks to Khun Permpoon and Khun Anegboonlap at UOB Phuket, and Miguel Carmona and Eduardo Romera at Santander Barcelona, for their engagement and support throughout the process.
Below are a few of our recent thoughts posted on LinkedIn. Always good to hear your feedback. You can follow us directly on LinkedIn and go to our website.
Asia Pacific Capital Markets Snapshot H1 2026 Momentum builds towards a record year
Some encouraging 1H data from Colliers on Asia Pacific real estate. Investment volumes reached US$105 bn in the first half of 2026, the strongest H1 since 2022, with cross-border capital accounting for over a third of activity.
The recovery is not uniform, but liquidity is improving and investors are broadening their focus across markets and sectors. Japan, Australia, Singapore and other key markets continue to attract capital, while hospitality is increasingly appearing on investors 2H watchlists.
For investors, the opportunity remains selective rather than broad-based. As capital returns, asset selection, local market knowledge, repositioning potential and active management will remain critical to creating long-term value.
Asia Pacific Hotel Investment Volumes Surge 54% in Historic First Half Performance
Some strong 1H data from JLL on Asia Pacific hotel investment. Transaction volumes reached USD6.8bn, up 54% yoy and the strongest first half since 2019. Japan led the region with USD1.9bn of transactions, up 75%.
Importantly, the capital flows are supported by operating performance. APAC hotel RevPAR increased more than 6% through May, with Southeast Asia among the strongest performing regions despite continued geopolitical uncertainty.
JLL expects full-year hotel investment volumes to grow 15-20%. A good indication that investor confidence is returning, but with greater focus on asset quality, due diligence and opportunities to reposition and create value.
