Choosing the right hotel property to purchase can be a difficult challenge. Whether you’re looking to acquire your first property in a hotel chain, or a smaller bed and breakfast, you need to be clear about what factors will affect the successful journey of your new business venture.
Here is an overview of the key aspects to consider when purchasing any hotel business:
Gaining expert advice has to be the best place to start. Speak to people in the hotel industry, go to industry events to network, read articles and seek advice from lawyers, accountants and of course hotel development consultants like us!
Choosing the right property, in the right location is crucial to the on-going success of your hotel. There are many different opportunities within the UK, but it is important to remember that a hotel in a city needs a very different business plan to one in a rural area.
You also need to consider your target customers, when putting together your business strategy. Are you looking to attract business or leisure customers, couples or families? This will help guide you with the services and facilities you will need to offer.
Once you have put all of the above together you will be able to construct a comprehensive business strategy. This will help you put in place your action plan with short and long-term goals.
Once you have found some potential properties, compare their pros and cons and look at other hotels in their area to see who you will be competing with. How will your hotel stand out from the competition and what can your new hotel offer that they don’t?
Adam Roberts Consultancy can offer you a range of development opportunities to suit your portfolio and investment requirements. We present options across London’s existing hotspots as well as locations that are earmarked for future growth and development.Tags: business, commercial property, hotel, hotel industry, property, property investment
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This post was written by Innermedia Ltd