Selling a Hotel for the Best Price Possible
When you’re selling a hotel, getting the best price is at the top of your priorities. Even if you’re selling because you need to get rid of it quickly, you still want to get a good price. But how do you go about getting the best price possible? Today in the Southeast International Hotel Brokers blog, we talk about getting a good price when selling a hotel.
How Negotiable is Price When Selling a Hotel?
As with any property sale, the price when selling a hotel is always negotiable. How negotiable a hotel’s price is depends on a lot of factors. A few of the biggest factors that determine how negotiable the price is include:
- The Profitability of the Hotel
- The Location of the Hotel
- How Long the Hotel Has Been on The Market
- How Willing the Hotel Owner is to Negotiate
If the hotel you’re selling is highly profitable, in a great location, and hasn’t been on the market for long, you have no reason to leave a lot of room for negotiation. Chances are the market selling price is what it should sell for and there’s even a chance that you could find yourself fielding a bidding war. Also, if you have a strict bottom line, you probably don’t plan on coming down in price. That’s fine, at first, but there are situations where coming down in price may be necessary.
How to Get the Best Price Possible
To get the best price possible when selling a hotel, it’s important to be reasonable. If an offer comes in fairly close to asking price, you don’t have to take it, but you also don’t have to turn it down. Give them a counteroffer to get them closer to what you’re looking to get. Also, if you’re just putting your hotel out there, don’t feel pressured to take the first offer that comes your way. Make sure to consider it, but also consider that you may have other offers coming in.
Also keep in mind that if your property has been on the market for a long time, you should be taking every offer that comes in very seriously, even if the offer is below asking. Selling a hotel can take a long time, but if it’s taking too long you may have to budge on price.
Choose Southeast International Hotel Brokers
Knowing when to sell and how to handle offers can be complicated. That’s why it’s best to enlist the services of a professional hotel brokerage like Southeast International Hotel Brokers. Selling a hotel with a professional by your side takes out all of the guesswork. They can advise you on what offers are fair and if you’re getting the best price possible. For more information, contact us today.