Sales Advice from Hotel Brokers: Luxury and Midscale Hotels
All hotels are not the same. This may seem like an obvious statement, but when it comes to hotel sales, it’s important to treat each property as a completely unique entity. This is especially the case when you start getting into different star levels. Luxury and midscale hotels require different approaches, so it’s best to trust professional hotel brokers with the sale. Today in the Southeast International Hotel Brokers blog, we’ll discuss how the selling process differs for luxury and midscale hotels.
Differences in Luxury and Midscale Hotels
Luxury hotels and midscale hotels differ in a variety of ways. A luxury hotel would be considered a 5-star hotel, while midscale hotels can range from 3 to 4 stars. The biggest difference between these types of hotels is the price, amenities, and quality of rooms available. Five-star hotels will typically have luxurious amenities, very nice rooms, high levels of services, and a high price. Examples of 5-star hotels would be a Four Seasons or a Ritz-Carlton.
Midscale hotels are typically in the 3-star range, but 4-star hotels can sometimes fall into the midscale price range. Midscale hotels have everything you’d expect when staying at a hotel, with some bonus amenities such as free breakfast and a pool. A good example of a 3-star hotel would be a Hampton Inn, where a good example of a 4-star hotel would be a Hilton. Here we’re just scratching the surface of the differences between these hotels, but this is a good primer.
Finding a Buyer
Now that we know the various differences between luxury and midscale hotels, how do we apply it to hotel sales? The key difference between selling these two types of hotels is the buyer’s you’ll be trying to reach. Luxury hotels will most likely only attract very experienced buyers. Due to the high level of service and the high price point, running a luxury hotel comes with its own special challenges. Also, due to the high price point, you may not get as many offers. Midscale hotels are a bit less intimidating as an undertaking, especially because many of them are franchised properties that already have operations and systems in place. Many luxury hotels are independent properties or if they’re owned by a franchise, they run differently than the typical hotels in that franchise. It’s important that you’re reaching the right buyers no matter what type of hotel you’re selling, so take some of the burden out of the process by selling through professional hotel brokers.
Choose Southeast International Hotel Brokers
Whether you’re selling a motel, a 3-star hotel, or a luxury 5-star hotel, Southeast International Hotel Brokers can help. Our extensive experience and vast network will help your property reach buyers. We work with you through every step of the selling process, taking out much of the stress and anxiety. Contact Southeast International Hotel Brokers today for more information, or continue browsing our website.