How Do You Buy A Hotel Business?
Owning your own hotel is a popular way to start a new business. Every year thousands of people, ranging from the semi-retired couple to the lifelong hospitality professional, buy guest houses, hotels or bed-and-breakfasts, with the businesses as varied as the buyers. • Location Location Location Pick a location that is attractive to you. Decide how large you want your hotel to be, how many rooms and what the amenities will be. You will need to decide if you want to pursue a franchise, turn-key or independent hotel. • is it a good deal? Determine the real reason the current hotel owners want to sell. Ask a lot of questions and get answers that can be verified and that make sense • Background Research Check the financials for the hotel dating back at least ten years. Also find out about the town’s plans for development and any repairs that may need to be made that will interrupt business. • Ask around Ask about competitors in the area and what kind of reputation the hotel has. Make sure
• Location Location Location Pick a location that is attractive to you. Decide how large you want your hotel to be, how many rooms and what the amenities will be. You will need to decide if you want to pursue a franchise, turn-key or independent hotel. • is it a good deal? Determine the real reason the current hotel owners want to sell. Ask a lot of questions and get answers that can be verified and that make sense • Background Research Check the financials for the hotel dating back at least ten years. Also find out about the town’s plans for development and any repairs that may need to be made that will interrupt business. • Ask around Ask about competitors in the area and what kind of reputation the hotel has. Make sure there is plenty of parking available. • Examine it Examine the hotel from the inside out. Look at every inch of the building with a contractor you trust. Get documentation of all repairs and remodeling bills. Make sure you understand what your buying Examine the hotel
