Establishing and running a successful hotel takes a lot of commitment and hard work so, when it comes time to sell, you may find yourself feeling some mixed emotions.
Whilst you have made the decision to sell, for personal or business reasons, and you want to achieve the best price, you may also experience some sadness at 'letting go'.
The solution is to ensure the whole selling process is handled professionally and efficiently, so you can plan your next move.
And whether you are retiring, or buying a new business, you'll want as much money in your pocket as possible, which is why many vendors are moving away from using business brokers, choosing instead to sell the hotel themselves and avoid paying commission.
If that seems a little daunting, help is at hand. Specialist organisations, like Australian-owned Coast to Coast Media, work with hotel owners to sell their business, offering professional advice and services, with NO COMMISSION.
As with any business, having made the decision to sell, you should ensure all your financials are up-to-date, and that the hotel is looking its best. You should also talk to your accountant and your solicitor at the start of the process.
Remember, the more positive information you can provide to potential buyers, the better. As well as a good set of books - hopefully showing steady growth, there are additional facts and figures you can gather.
For example, information about the location of your hotel. Is it in a popular tourist destination? If so, check out your local council website for some statistics. How many tourists visit the area? What is the average tourist spend in the area? How many nights on average do they stay?
Are there particular attractions or events that bring potential guests to town? If your hotel is close to a major tourist attraction, gather some statistics on visitor numbers to include in your sales pack.
Perhaps it's the location itself that brings the tourists - for example, an historic town, proximity to snow fields, a seaside town. This is all positive information that will help you secure a buyer.
What of the hotel itself? How many rooms does it have? Is there a restaurant? If so, is the restaurant also open to the public? And is it licensed?
What other facilities do you offer? Swimming pool? Sauna or spa? Gym? Conference facilities?
What does your trade consist of? Tourists? Wedding parties? Groups and tours?
And you'll need to gather information about the building, too. Is it freehold or leasehold? If the latter, how long is left on the lease? And don't forget to tell your landlord that you are selling.
What size is the block? Are there gardens/a beer garden?
Sell your commercial property or business privately without business brokers. We advertise your business for sale or real estate listing in our go-to website, national glossy Coast to Coast Magazine and major real estate websites reaching many motivated buyers. Call now to sell your business or property 1300 793 792 or email firstname.lastname@example.org.