Two tips for those who wish to purchase a hotel

Posted on: 3 December 2017

If you intend to start looking for a hotel to purchase, here are two tips which you may find helpful:

Use the services of a hotel broker

Finding and purchasing a hotel can be a complex and time-consuming process. However, using the services of a hotel broker can make this experience considerably easier.

Hotel brokers usually have their own large databases of hotels that are for sale. Having access to a database of this kind will mean that you won't have to endure the hassle and stress of having to scour the internet for hotels by yourself.

Additionally, a hotel broker can use their skills and knowledge of the industry to help you find a hotel which matches your exact preferences and budget. This, in turn, will prevent you from wasting your time viewing hotels that do not meet your specific requirements.

Furthermore, they can also provide you with assistance when the time comes to making your purchase. They can, for example, help with negotiations and offer expert advice regarding the legalities of the purchasing process.

Get a survey done before making an offer on a specific hotel

Purchasing a hotel is a major financial investment. As such, it is vital to do your due diligence and ensure that the hotel you end up buying has the potential to be a profitable business.

One way to do this is to have a survey carried out before you buy a specific hotel. A survey will provide you with insight into the condition of the property and thus make it easier for you to accurately calculate how much it will cost you to renovate the hotel and get your business up and running.

Having a survey performed on a hotel can cost a significant amount of money. If your budget is limited, you may feel tempted to simply evaluate the property yourself.

However, it's important to realise that a qualified surveyor with a wealth of experience will be able to spot the subtle signs of costly problems (such as subsidence, wet rot or termite damage, for example) that your untrained eyes cannot.

Given this, if you attempt to inspect a hotel without the assistance of a surveyor, there is a very good chance that you will fail to notice the telltale signs that indicate the presence of, for instance, serious structural problems. If you then go on to purchase this property, you could end up incurring major, unexpected renovation expenses that affect the profitability of your business.

In short, paying for a survey could actually save you a considerable amount of money in the long run.

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