Hotel Brokers Advice for First Time Owners

If you’ve never been an owner in the hotel industry, buying your first hotel can be both an exciting and intimidating prospect. As hotel brokers, we witness plenty of first-time buyers who aren’t sure if they’re quite ready to dive in yet. Remember, buying a hotel is a long-term investment. You should carefully consider your situation before making the leap. Take the advice from our expert hotel brokers, and ask yourself some of the following questions.

Are You Ready to Enter the Industry?

First, you need to be absolutely sure you’re in a financial position to make this purchase. Buying a hotel takes a fair amount of capital, and you have to be prepared to not make returns right away. Hotels aren’t a get rich quick scheme. They require time and effort to become a profitable venture, and they are most definitely a long term commitment.

If you’re absolutely positive you have the financing options figured, you can start considering the type of hotel you want. You’ll need to decide if you want a franchised or independent property. In previous blogs, we discussed the pros and cons of each of these options. Here, we’ll just give you a very surface-level analysis of the differences. Franchised properties are a great option for first-timers because there’s already a system and best practices in place. You have corporate to help guide you and answer any questions you may have about running the hotel. An independent hotel is definitely suggested for more experienced owners. Additionally, the benefits include complete independence and control of your business processes and hotel design.

First Steps

Once you have your financing in order and an idea of the property you want, it’s time to begin looking for a hotel to buy. We strongly suggest consulting our professional hotel brokers for your first step. The hotel sales process can be complicated, especially for first-time buyers. Our team of hotel brokers can help guide you through the entire process. We also have access to a large network, meaning we have plenty of hotels available to choose from. We’re sure to be able to find you one that meets your needs.

Utilize the Knowledge of our Hotel Brokers

Let Southeast International Hotel Brokers help you navigate the tricky waters of buying a hotel. Contact us today to get connected with one of our knowledgeable hotel brokers. We help both first-timers and veterans of the hotel industry buy or sell their hotels. When you think hotel brokerage, think Southeast International. Give us a call, or view our website for more information.