| Choosing the right location is key to the success of | | | | businesses in the nearby area that either offer |
| your new hotel. Although a large hotel can change | | | | services your customers may want to use or that |
| the very nature of a street and neighborhood, the | | | | may even help you fill your rooms, like museums or |
| success of a small hotel is more likely to be impacted | | | | banquet halls? If there are, do the legwork of talking |
| BY its surroundings. It is important to look closely at | | | | to the owners about how they might partner with |
| the neighborhood and beyond when considering your | | | | your new hotel to offer promotions to their |
| hotel's location. | | | | customers. Alternately, are there neighbors which |
| Who are your customers? | | | | might be a nuisance for some customers (ie |
| To know if the hotel's location is right for you, a | | | | nightclubs, casinos, bars) or that are entirely |
| hotel entrepreneur must first ask "who are my | | | | undesirable for travelers (ie abandoned lots, garbage |
| customers?" and then "what do they want to be | | | | dumps)? If you won't be adding parking, is there |
| near to?" The right location for pleasure travelers | | | | parking available nearby at prices that won't be |
| may be very different from the right location for | | | | prohibitive for your driving customers? |
| business travelers. Will your customers value being | | | | Talk to Owners and Neighbors |
| near downtown and the conference centers and | | | | When you find a location that is for sale, don't just |
| event spaces where their business sends them? Will | | | | speak to the owner. Speak to neighbors to hear |
| they be looking to enjoy the serene countryside and | | | | what they know about the owner and the previous |
| regional attractions? Will they be looking for | | | | tenants at the location. Learning about this history |
| recreation like skiing, the beach, lakes, or theme | | | | can put you in a much better negotiating position |
| parks? Will they want access to the best restaurants | | | | when the time comes. Also remember that you can |
| and attractions the city has to offer? Regardless of | | | | renovate an appropriate building into a hotel rather |
| the answers to these questions, it would help your | | | | than building from scratch. If tenants in a building look |
| customers if you were accessible to the local airport, | | | | like their businesses are in bad shape, the landlord |
| train and bus stations, and car rental locations. | | | | may be waiting for the right offer to come along to |
| The Neighborhood | | | | take over the space with a successful business. Look |
| Start by looking at the closest potential neighbors | | | | for these opportunities which may not have a "For |
| and then move outwards. Are there high-quality | | | | Sale" or "For Rent" sign posted. |