In most western countries that already have well-established hotel infrastructures, growth of the supply slowed significantly since the end of the 1990s. By generally adopting an «Asset light» strategy that shifts the burden the investment to investor/owners and/or asset managers, hotel groups are no longer front line. They must seduce, support, and convince partners who will take the real financial risk and make arbitrages between the different investment alternatives before committing their capital. Who are today’s hotel development financers, what are the means, what levers do they have to produce new properties? Can the financial mechanisms used in other economic sectors also be implemented for hotel investment? After showing much generosity, have commercial banks definitively cut off the credit supply?