Hotel Brokers Advice on Independent Properties
Buying an independent hotel property is an exciting endeavor. The ability to customize the decorations, business model, and guest experience is something that only the creative control of owning an independent hotel allows. That being said, it’s important to prepare yourself extensively before making the purchase. Make sure you have a real, actionable plan in place. Today in the Southeast International Hotel Brokers blog, we’ll discuss how buying an independent hotel property is different and the best way to get a good start.
How Buying an Independent Property is Different
Buying an independent property is a big undertaking. It certainly isn’t the same as buying a franchised property. A franchised property will come with a lot of the work already in place. You don’t have to change anything since corporate will already have guidelines of how to run the business. When you take on an independent property, you can continue running things as they were under the previous owner, but if you want to change everything and make it your own, there will be a lot of work to do. Once you find your property through your hotel brokers, you should start making a plan.
Planning it Out
If you plan on making big changes after you buy your independent property, it’s absolutely essential to make a comprehensive plan. By carefully planning everything out, you’ll have a guide as to where you need to start and what you need to do. There’s a lot that you’ll need to decide on. First and foremost, you’ll need to look at your new property and see if there’s anything from the previous owner you want to keep. See where you want to make improvements and make sure the basic essentials are all there. Then you can start planning out your theme and decorations. That’s just the beginning though. You’ll need to decide on pricing, guest relations, staff, marketing, and more. If you’re doing major changes where the hotel will need to be closed for a while, you should plan a grand opening to garner interest and business. Having a plan can put a little organization in this chaos and will make sure you’re as prepared as possible. After the closing of the sale through your hotel brokers, the future of the hotel rests in your hands.
Buy Through Southeast International Hotel Brokers
Whether you’re in the market for an independent or franchised property, Southeast International Hotel Brokers can help. We help you throughout the entire sales process, making it as easy and pain-free as possible. Our vast network means you have plenty of options in a variety of markets. Contact Southeast International Hotel Brokers for more information, or continue browsing our website to see our other services.