First Steps After You Buy a Hotel
When you buy a hotel, there will be a lot going on. You’ll have a lot to do and a lot of things to organize. If this is your first time buying a hotel, you might be overwhelmed with the prospect of it. It’s important to keep a clear head and stay calm. If you’re wondering what your first steps should be, Southeast International Hotel Brokers is here to give some advice today in our blog.
You’ve Bought Your First Hotel, Now What?
Your next steps after you buy a hotel will depend on whether you’ve purchased a franchised or independent property. Let’s take a look at each:
Franchised Property: If you’ve purchased a franchised hotel, your first steps will be a little easier. In fact, they’ll be laid out for you. Corporate will have policies in place and guidance to get you through the first steps. Your biggest focus will just be making sure the transition of ownership goes smoothly and that everything continues to run as normal.
Worry about making changes after you’ve settled in for awhile. Our hospitality brokers usually recommend you buy a hotel that is part of a franchise as your first hotel, as it’s a good way to learn the ins and outs of the business.
Independent Property: If you decide to buy a hotel that isn’t part of a franchise as your first hotel, make sure you’re ready for quite a bit of work ahead of you. Since you’re creating an entirely new brand, you’ll have some time before the grand opening. During this time, you’ll need to focus on creating your brand, getting your hotel to match that branding focus, hire staff, and market for the opening.
These are all pretty big endeavors with substantial amounts of work involved, so it’s best to have a plan in place. This will allow you to hit the ground running once the transfer of ownership is complete.
Buy a Hotel Through Southeast International Hotel Brokers
If you’re in the market to buy a hotel, choose Southeast International Hotel Brokers as your brokerage. Our professional team of hospitality brokers will make the buying process as easy as possible and walk you through every step.
When you buy a hotel, you want to work with people you can trust. Southeast International Hotel Brokers has been in the business for decades, so you know you’re in good hands. Contact us today for more information and to speak with a member of our hotel brokerage team. We’ll be happy to help you through the buying process.