Negotiating Advice Before You Buy a Hotel for the First Time

As an entrepreneur, you may have recently made the decision to buy a hotel and enter the hospitality business. When it comes time for you to buy your first hotel, negotiating with the seller can be quite the intimidating and ambiguous experience. Oftentimes, whether you are buying a home, hotel, or any other type of property, your goal is to get the best price with the best contract. Everything is negotiable, right? This is true to a certain extent, however, there is a way to go about working with the seller to receive the ideal contract and price.

Buyer and Seller Interaction

Let’s look at a few ways the buyer can interact with the seller to obtain a set price and terms that everyone can agree upon.

• Research: Before you buy a hotel, make sure to do your research. Research what you desire from a hotel and figure up how much you are willing to spend on a hotel purchase. Get a good idea of what is right and wrong for you when it comes to your hotel buying experience.
• Confidence: Avoid being too timid. Have confidence and be assertive. Know what you want and what you are willing to do for your hotel purchase.
• Build Rapport: The relationship between the buyer and seller is very important. The better the rapport, the better the negotiation.
• Flexibility: Remember that the door swings both ways. Just like you wish the seller to be flexible with you, you must also be flexible with the seller. Discover the areas in which your expectations are adjustable, whether that is price, terms, location, or amenities.
• Discover Motivations: Be sure to discover the motivations of the seller. Don’t be afraid to find out why the seller is leaving the hotel.
• Ask Questions: Do not hesitate to ask questions. If you see something wrong, have any concerns or just have general questions about the process, discuss this with the seller.
• Work with a Professional: When you buy a hotel, it can be a difficult and confusing process. Work with an experienced hotel broker to help alleviate the stress of finding the perfect hotel and negotiating with the seller. Let a hotel broker be the middleman that helps you get your ideal hotel, price, and contract.

Buy a Hotel with Southeast International

At Southeast International, our hotel brokers have decades of experience in the buying and selling of hotels. Whether you are wanting to buy a hotel or sell a hotel, our leading experts are dedicated to helping you every step of the way. Contact us today to get started.