Selling a Hotel: What and What Not to Do
Selling a hotel is a comprehensive, often tiring, process. It’s not something that you can just throw yourself into unprepared. It helps to have a guide of best practices and things to avoid. That’s why we created just that for you! Southeast International Hotel Brokers has years of experience in the hotel sales industry, so take our advice on what and what not to do when selling a hotel.
Do Prepare Your Hotel for the Sale
Depending on your style as an owner, your hotel might be in perfect condition. This is rarely the case, though. The fact is, the season gets busy and things fall by the wayside. Even minor repairs should be considered when preparing your property for a sale. This is where PIPs come into play. If you’re not up to date on your PIP, and it’s understandable if this is the case, it’s time to make those changes. This is a necessary first step when getting ready for selling a hotel.
Next, consider how you’ll approach the situation of your staff finding out about the sale. If staff are aware of the sale, you can reassure them that everything should just be business as usual. This ensures that everything will continue to run smoothly while negotiations go through and establishes a sense of normalcy. If your staff is still unaware of the sale, decide on whether or not it’s necessary for them to know yet. Typically, staff will be unaffected by a sale for the most part, so they may not need to know until the sale actually goes through.
Discuss the importance of taking your time to prepare for the sale, find the right buyer, and process the sale Remember, selling a hotel is a process. It’s going to take a little bit of time and effort. Being patient and calmly taking assured, measured steps towards selling will make the sale easier on all parties. Make sure you have all the necessary information ready for your prospective buyers. Speaking of buyers, make sure you’re targeting the right prospects. You only want to be attracting buyers who are extremely serious and qualified to buy. Hiring a hotel brokerage firm such as Southeast International Hotel Brokers can help to greatly expedite this process.
Do Your Research
Make sure you do your due diligence before selling. You want to properly market your hotel so it attracts, and is visible to, the right buyers. Researching what types of properties are selling in your area can help you better understand what is and isn’t working. It’s also a good idea to brush up on some best practices for marketing your hotel on different online platforms. Checking out the Southeast International Hotel Broker blog can help with this. We have several articles you can refer to that will help you through this process. Or, even better, utilize the services of our expert hotel brokers to make the process that much easier. Which brings us to our next point.
Don’t Do it Alone
Selling a hotel can be a complicated business. It can help to have an experienced hotel brokerage firm by your side. Our extensive network of connections makes sure you’re reaching quality buyers. We guide you through every stage of the process.
Selling a Hotel with Southeast International Hotel Brokers
Contact Southeast International Hotel Brokers today to speak with one of our experts. We look forward to working with you.