Common Mistakes Made When Looking to Buy a Hotel
If you are looking to buy a hotel, the process can often be complicated. Buying a hotel is different than buying a home or a car, and there are more variables to consider. Not considering these variables can lead to big mistakes when you eventually buy a hotel. At Southeast International Hotel Brokers, we want to help you avoid mistakes so that your investment will pay dividends. In today’s blog post, we’ll list three common mistakes that buyers make when they buy a hotel.
1. Not Knowing Your Market
Just like the housing market, there are good times to buy a hotel and good times to sell a hotel. If you buy a hotel at the right time, market growth can provide value. This means knowing the market for properties as well as knowing the market for hotel customers in the area. Who are your primary target customers? What kind of competition are you facing? What location are you looking to buy in? These questions can help you better understand your market and be more informed when you are ready to buy.
2. Investing in a Bad Location
In the hotel industry, just like in real estate, location is everything. While hotels can be successful in many different markets and locations, not understanding your location and the challenges that come with it can prove detrimental. Is the property easily accessible? Is the property close to entertainment venues, restaurants, tourist attractions, or shopping opportunities? Are there a lot of other hotels in the area? These are important questions to answer when looking at a specific location.
3. Trying to Buy a Hotel Without a Hospitality Brokerage
If you are trying to buy a hotel, you might not know where to start. The best way to start is to work with a hospitality brokerage like Southeast International Hotel Brokers so that you know you are looking at the best properties. Hotel brokers have industry expertise that will prove valuable throughout the buying process. At Southeast International Hotel Brokers, we want to help you find the perfect hotel for your situation.
Contact Southeast International Hotel Brokers
If you are looking to buy or sell a hotel, Southeast International Hotel Brokers can help. To find out what we do, give us a call today at (417) 865-2520 or contact us online for more information.