💡 : Check the occupancy reports for the last 12 months to see seasonal trends before making an offer.
: Hire specialized professionals (brokers, accountants, solicitors) who understand the hospitality industry. buying a motel
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. 💡 : Check the occupancy reports for the
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. While banks are often eager to lend for
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.
The reality of motel ownership set in quickly. Jack spent his first weekend fixing a leaking pipe in Room 4, while Sarah spent hours responding to online reviews and updating their booking system. They learned that the work never truly starts or stops; they were now on call 24/7.