| If you're considering the sale of a hotel or hospitality | | | | While you're completing staging and repairs, begin |
| property, it's important to secure representation to | | | | getting your books in order. Buyers and attorneys will |
| protect your financial interests. Hotel brokers can help | | | | expect two to three years of tax returns, and may |
| you choose the best timing for your sale, price your | | | | also wish to see your bank statements. It's also |
| hotel competitively and market your property to | | | | critical that you track all expenses so you can |
| ensure a successful, lucrative experience. Don't try to | | | | provide realistic documentation to potential buyers. |
| sell your hotel, condo or bed and breakfast without | | | | Expenses may include hotel-owned automobiles, legal |
| an expert consultant to guide you-and don't expect it | | | | expenses, utilities and previous renovation costs. |
| to take less than several months, or even a year. | | | | When your physical property and your accounting are |
| Things to Consider Before Selling | | | | in order, your hotel will show well to interested |
| Before you put your hotel on the market, determine | | | | parties. |
| what you need to get from it. Since hospitality real | | | | Finally, remember to keep your hotel running |
| estate is currently a buyer's market, you may not | | | | smoothly while it's for sale. Preparing for a sale is no |
| profit the way you had hoped. You may discover, | | | | excuse to let your business go downhill, and buyers |
| however, that you're better off getting out from | | | | can tell when your hotel is poorly kept and |
| under the property than waiting for a market | | | | customers are dissatisfied. Be diligent about |
| turnaround. This is where hotel brokers come in. | | | | monitoring the property's staffing, cleaning and |
| They can help you determine what sales price to | | | | maintenance until you're no longer responsible. |
| expect, based on property valuations and your | | | | Hiring a Hotel Broker |
| present equity. They can also predict whether you're | | | | A reputable hotel broker can streamline your sale and |
| better off waiting to sell. | | | | ensure you get the most out of your hotel. Before |
| Remember that selling a hotel is similar, in some | | | | committing, make sure your selected consultant is |
| respects, to selling your home. It's important, for | | | | licensed, and inquire about their previous sales |
| instance, to clean up the property and stage it to sell. | | | | experience. Ask for references, and meet with |
| In addition, you have to decide what remodeling and | | | | broker candidates to assess their market knowledge |
| upgrades to complete to ensure that your property | | | | and industry savvy. Finally, make sure you mesh with |
| "shows well." Make sure you talk about your fix-up | | | | the hotel brokers you select, and that you're |
| plans with your hotel broker, though, since some | | | | comfortable with the way they do business. Good |
| tasks may not increase your property value enough | | | | communication is critical to a successful working |
| to bother. | | | | relationship. |