Main Street Registry

Rodeway Inn & Suites

Charles Town, WV · Hotels (except Casino Hotels) and Motels · NAICS 721110

Rodeway Inn & Suites, located in Charles Town, WV, operates in the hotels (except casino hotels) and motels industry and is a franchise of Rodeway Inn by Choice Hotels. The business was financed with an SBA 7(a) loan for a change of ownership of $3,856,000, approved on July 3, 2024 through lender Open Bank, and the loan reports 22 jobs.

SBA 7(a) loan, change of ownership, approved Jul 3, 2024

$3,856,000 approvedLender: Open Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$3,856,000
SBA-guaranteed amount
$2,892,000 (75% of the approval)
Lender
Open Bank, Los Angeles, CA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
9.5%, variable
Term
25 years (300 months)
Estimated maturity
July 3, 2049 (estimated, approval date plus term)
Estimated monthly payment
$33,690 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Aug 8, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
22
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
Rodeway Inn by Choice Hotels/Rodeway Inn & Suites by Choice Hotels
Project location
Jefferson County, WV
SBA district office
West Virginia District Office
Congressional district
WV-02
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 60% of acquisition loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average acquisition loan in Hotels (except Casino Hotels) and Motels: $3,241,374.
  • Average acquisition loan in West Virginia: $2,753,191.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

Is this your company? Claim or correct this listing. See Corrections.

Same industry in West Virginia