Here Are The First Steps to Starting a Hotel or Resort | Ep. #312

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’s already producing an income. You’d 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. .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’ll 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’ll need a strong market analysis to verify that the market trends support a new hotel development. You’ll 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…⇒ 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“The Guide to Owning & Operating a Hospitality Property – Successfully” course. https://KeystoneHPD.com/CourseGet your copy of the “How to Improve Your Hospitality Properties Success” ebook? https://keystonehpd.com/how-to-improve-your-hospitality-propertys-successGet Your INNsider Tipshttps://KeystoneHPD.com/INNsider-TipsJoin one of your private groupshttps://keystonehpd.com/private-groupsSay hi on socialFacebook: https://www.facebook.com/KeystoneHPDTwitter: https://twitter.com/KeystoneHPDLinkedIn: https://www.linkedin.com/company/keystone-hospitality-developmentListen to The Hospitality Property School PODCAST herehttps://www.keystonehpd.com/hospitality-property-school-podcastsYouTubehttps://youtu.be/jxXRr313-akA Division of Keystone Hospitality Property Development