Hotel Sales Advice: Is Your Hotel Worth Selling?
Before entering the hotel sales market, it’s important to ask the right questions and make the right considerations. Is the market right for your hotel right now? Are you prepared to sell? It’s hard to be successful in the hotel sales process if you’re not fully prepared. Today, Southeast International will be going over some of these important considerations and what you can do to get ready to sell. Trust our hotel brokers when the time comes to find a buyer.
Determining How Marketable Your Hotel Is
So you’re thinking of selling, but you’re not sure how well your hotel is going to do in the market. One thing you can do is put yourself in the position of the buyer. If you were looking to purchase a new hotel property, would your property be at the top of the list? If not, why? Many factors can account for how marketable a hotel is in a competitive hotel sales market. The obvious factors being location and profitability, but also how new is your hotel? Is there something that sets your hotel apart from others? Are you selling a franchised property or is it independent? Which of those is doing better in the area your business resides? Keep in mind, these questions are just scratching the surface.
Are You in a Position to Sell?
Now you’ve determined that your hotel is, in fact, marketable and a desirable property for potential buyers. So, the next step is making sure you’re prepared for the hotel sales process. Hotel sales aren’t just a snap decision; there’s more to it than people may think. First, you need to prepare all pertinent information for potential buyers. This includes documents about the hotel’s financial status, revenues, potential future revenues, and market studies. All of these things can help to inform a buyer’s decision. Again, try to see it through the buyer’s eyes. What information would you want to know when buying a hotel? The more prepared you are to sell, the better chance you have of selling your property quickly.
Trust the Hotel Sales Experts
When you’ve decided you are officially ready to sell, contact the hotel sales experts at Southeast International. When you sell through Southeast International Hotel Brokers, you’re getting instant access to our extensive network. More eyes on your hotel means greater potential to sell quickly. Contact us today, or view the Southeast International Hotel Brokers website for more information.