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b'Do you Want To Be a Hotelier?

Here Are The First Steps to Starting a Hotel or Resort.

When considering the first steps to starting a hotel or resort, there are a couple of key decisions that have to be considered.

Do you want to buy or build?

Your first decision is to determine if you want to buy a current hotel for sale or design and build one from scratch.

Normally, purchasing an existing hotel is a lower risk because you would know how it performed in the past and you would be getting a turnkey hotel business that\\u2019s already producing an income.

You\\u2019d also save time going through all the permit processes, designing the property, and the construction. You would hopefully also inherit a valuable database of past guests and employees that are already trained and familiar with all the property procedures.
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On the other side, when you design and develop your own property from scratch, you have more control over designing and building your hotel to your specific specifications.

It has also been proven that designing and building your own hotel can also produce more profit long term than buying an existing property. It is much riskier because your cash will be tied up for an extended period of time with no income but generally once completed you\\u2019ll have an opportunity to make more money because you took the risk and a probability of a huge profit if you ever sell.

No matter which direction you decide to go, you\\u2019ll need a strong market analysis to verify that the market trends support a new hotel development. You\\u2019ll also want to review existing properties to see what is working and what might be missing. This information could give you the opportunity to fill a need that may be missing in your region and help increase your bottom line.


Continue reading, watching, and listening and I will share more you need to know when starting a hotel or resort\\u2026

\\u21d2 TO WATCH, READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:
https://keystonehpd.com/here-are-the-first-steps-to-starting-a-hotel-or-resort-312

\\u201cThe Guide to Owning & Operating a Hospitality Property \\u2013 Successfully\\u201d course.
https://KeystoneHPD.com/Course

Get your copy of the \\u201cHow to Improve Your Hospitality Properties Success\\u201d ebook?
https://keystonehpd.com/how-to-improve-your-hospitality-propertys-success

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https://youtu.be/jxXRr313-ak


A Division of Keystone Hospitality Property Development'