Tips to Consider when Purchasing a Hotel for Renovation
Here are some tips to consider when contemplating the purchase of a hotel or motel.
As with any purchase of real estate, the condition of the structure should be checked, and inspected by a professional. Necessary repairs, as well as the need for updated furnishings, fixtures, equipment (FF&E), and inventory should be considered. This information will help you in determining the market value of the property.
Once the sale is complete, make sure that the owner gives you a separate bill of sale for all furnishings, fixtures, equipment, and inventory, as well as the deed to the property.
Stay at the hotel as a guest for a week. Try to do this before anyone is aware that you are considering the property. This will give you the opportunity to view the hotel or motel as a guest would.
Avoid discussing price with the owner of the property. It is better to let your “buyer’s Agent” handle the negotiations with the owner. You should know in advance what the top dollar you are willing to pay for any property is, and disclose this information to your Buyer’s Agent from the start.
If the hotel or motel is franchised, read the franchise disclosure. Also, view the franchise agreement that the current owner has with the company, and find out if that agreement will be transferred to you, or if you will have a new agreement with the company. Find out what fees you will be required to pay to the company upon taking over the property.
Tehrani Group LLC
Construction - Renovation - FF&E
www.TehraniGroup.com 407-295-3969
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