So you think you want to own a hotel, where do you start? Initially you need to decide what type of hotel you want. Should it be located in the countryside or within a town? You need to be able to be interested in and connect with your surroundings, there is no point in buying a hotel that is located in an area where water sports (for example) are the main interest of the clientele if you have no interest in or knowledge of what people enjoy about the sports and local area.
Before you take the plunge – Ten Points to Consider
- Never forget a hotel is a very public place – it’s not like running a large home
- Remember – you are on your own – any help you need has to be brought (and bought) in
- Decide, first, on the type of business you want
- Decide on the location
- Confirm why you want to buy a hotel
- Remember, a hotel imposes great restrictions on your domestic and family life
- Obtain some experience by working in a hotel for a while
- Decide who will be in control – you alone, your partner, your partners?
- Understand the basic economics of managing a hotel before you begin your search
- The search for your dream hotel is likely to be long and frustrating
(Source: How to Buy & Manage Your Own Hotel – ISBN: 978-1-910158-22-7)