How To Sell A Hotel or Motel
There are various strategies that can be employed to ensure a smooth transaction when selling your hotel.
To maximize the selling potential of your hotel, it is imperative that, as an owner, you know every nook and cranny of your establishment so you can give value to it accordingly. Use it as your leverage.
But more than that, take into consideration the legalities that come with selling a hotel. Some steps and procedures are contingent on achieving exemplary sales and profit.
View Washington State Hotels For Sale
What Steps Should You Take When Selling A Hotel?
- Go over the paperwork and make sure everything is well documented. Keep all the files pertaining to the hotel’s ownership, registration, financial records, and permits secured and up to date. You will need those documents to gain your potential buyers’ trust and confidence in you.
- If your hotel is currently operational, discuss your decision with your human resources manager and finance department. It is only fair to inform your staff about the change of management in case the sale pushes through. The same goes if you have a business partner. Keep them in the open about your plans. Check the comparable properties so you’ll have a basis on how you will set the price for your hotel. This tactic helps prevent you from underpricing your hotel.
- Harness the power of technology. Market and maximize your hotel’s online presence. Nowadays, people rely primarily on the internet, so putting your hotel online generates better chances.
- Get the services of reliable and reputable real estate agents to assist you. Do your research. Choose who you believe has extensive knowledge and background in the field of commercial real estate.
Selling a hotel requires patience
Don’t expect an overnight miracle. Keep an open mind and remember, nothing beats an organized and well promoted hotel listing. Go through the proper process and enjoy the fruits of your labor.
Hi! We’re Josh and Jolene Baijot, the creators of this website. We’re also Commercial Real Estate Agents in Washington State. Thank you for taking the time to read this blog post. We appreciate your time spent on this site. You can connect with us on Facebook, Instagram, or contact us through this website.
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