Pros and Cons of Buying a Hotel Near a Major Attraction
If you’re buying a hotel located near a major city attraction, you may be excited about the possibilities. Having a hotel near a major attraction can definitely be a good thing, but it does come with a few downsides. Today in the Southeast International Hotel Brokers blog, we’ll talk about the pros and cons of buying a hotel near a major attraction.
Pros of Buying a Hotel Near a Major Attraction
The first and most obvious benefit of buying a hotel near a major attraction is the possibility of increased revenue. Obviously, people will want to be able to get to and from the attraction quickly, and having a hotel nearby really helps with this. You can do things like offer shuttle service to make this even more convenient and make people more likely to choose your hotel.
Another benefit of having your hotel near a major attraction is the free marketing opportunities it affords you. For instance, if you have a hotel near Disney World and people go online to search “hotels near Disney World,” your hotel is likely to show up if you have been attending to your digital presence. With all that being said, it seems like buying a hotel near a major attraction is a can’t-lose situation, but this is not always the case.
Cons of Buying a Hotel Near a Major Attraction
The biggest downside of buying a hotel near a major attraction is the fact that you’re almost guaranteed to have a lot of competition. This means you may have to constantly adjust prices, pay attention to what your competitors are offering, and be successful alongside other major properties.
This can take a lot of time and effort and be very stressful. Other hotels in the area may even have package deals with the attraction, so you’ll need to look into things like that too. Make sure you have experience and plans in place before buying a hotel near a major attraction. This way you’re prepared when you do take ownership.
Contact Southeast International Hotel Brokers
If you’re selling or buying a hotel, choose Southeast International Hotel Brokers as your hotel brokerage. We have the knowledge and experience to make the buying and selling process as easy and pain-free as possible. For more information and to speak with a member of our team, contact us today. We look forward to working with you.