Buying A Motel – Pro

: Hire specialized professionals (brokers, accountants, solicitors) who understand the hospitality industry.

Jack and Sarah Miller decided to trade their high-speed corporate lives for a 14-room roadside motel in the Catskills. They were tired of the 9-to-5 grind and wanted a business they could run together while living on-site. buying a motel

💡 : Check the occupancy reports for the last 12 months to see seasonal trends before making an offer. 💡 : Check the occupancy reports for the

They hired a specialized motel broker and an accountant to dive into the finances. They spent weeks reviewing three years of financial statements and occupancy reports to ensure the business was actually profitable. During their due diligence, they didn't just look at the books; they walked the property, checking the back areas for signs of neglect and ensuring the building was structurally sound. During their due diligence, they didn't just look

Financing was the next hurdle. While banks are often eager to lend for motels because they are seen as solid investments, the Millers had to present a rock-solid business plan. They secured a loan and officially took over the keys on a rainy Tuesday in April.

If you'd like to dive deeper into the process, I can help you with: A How to evaluate a motel's profit and loss statement The pros and cons of franchise vs. independent motels

The process began with months of searching for the right property. They finally found the "Blue Pine Motor Lodge," a mid-century building that had seen better days. The owner was ready to retire and offered a competitive price, but the Millers knew they had to be careful.