Hotel Management

Learn more about Hotel Management

Hotel Management

 

So you want to buy a hotel?

 

Hotels come in many shapes and sizes from smaller boutique properties to mid-sized B&Bs, larger multi-facility operations and huge, resort-style enterprises. To become a hotel owner is to invest in real estate as well as a business. There are many things to consider when purchasing a hotel investment.

 

What to consider when buying a hotel property:

 

  1. Location: if you build it, will they come? Proximity to tourist hotspots, business hubs, hospitals, universities, etc., will influence bookings.
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  3. Competition: how many similar properties are in the area? Point-of-difference is a massive marketing tool and as an independent accommodation provider on social media it is much easier to market something that stands out.
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  5. Local business: will your guests have things to do? With Google maps on smartphone speed dial, it is easier than ever for potential guests to research local areas. People are more likely to stay somewhere if they spot a couple of interesting cafes, shops or bars within walking distance.
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  7. Development: what’s going on in the next few years? In just five years, a whole town or area can completely change. It’s well-worth checking what planning permissions have gone through; ask the locals about development rumours or upcoming upgrades. Find out if any new shopping areas, parks, schools, restaurants, roads, etc., are on the cards. These could all have an impact on future bookings for better or worse.