- Selling a hotel
A commercial property question for you all.
My father in law has finally decided to sell his hotel and retire. He’s signed an agreement with a commercial property agent who has turned out to be a total waste of space and time. Can anyone recommend a decent agent or other method to sell a hotel valued at 1.2mil in Cumbria?
A beer or ten in it for a successful referral 😉Posted 7 years agovalleydaddySubscriber
try one of these:
the first has a couple of similar value hotels/guest houses
now where do I collect my beer from??
Happy SellingPosted 7 years agophil.wMember
From my experience (buying not selling) it very much seems to depend on the individual office / member of staff. Generally though I have never been able to work out exactly what they do other than stick the details on here and be a messaging service between buyer and seller.Posted 7 years ago
I have never been able to work out exactly what they do other than stick the details on here and be a messaging service between buyer and seller
And that is why I despise the parisitic smug barstewards. In my eyes even worse than criminal defense lawyers defending scumbags on legal aid.Posted 7 years ago
^ how do you know the defendant is a scumbag until the trial has taken place?
The lawyers know right away and many are bona fide repeat offenders anyway. They’ll much rather defend a junkie who broke into someone’s house for the lucrative legal aid than someone with a job who’s been caught speeding….Posted 7 years agowiiltMember
I can help, as this is what I do, I work for one the national firm of agents and surveyors, you do need specialist advise. My parents also sold their hotel about 2 years ago and I got them to use another firm as I didn’t want to deal with it, so I wont give you the hard sell!
Firstly I don’t know who your father in law is using to sell the hotel, but there is hardly any bank funding available at the moment, which is the main problem. You say its been valued at £1.2m, is this from a formal valuation or market valuation? Unless your father in law’s adjusted net profit (or EBITDA) stacks up, it needs to be either £120k – £200k, it will be very hard to find a buyer who can get the money from a bank. Therefore you are likely to need a cash buyer or someone with loads of cash.
Secondly is the hotel in good condition? Does it need money spent on it? And has the trade dropped dramatically? If so, it may not look the most attractive option when you consider all the other hotels that are on the market and in administration (i.e. very cheap) at the moment.
Does every room have en suite facilities? If not, I have been hearing that the banks wont lend. Is it branded? How big is it? Should he be considering alternative use?
I know this isn’t overly positive, I won’t lie it is shit out there at the moment, but everything needs to be the right price to sell. The good news, hoowever is that he is in Cumbria and that is an area still in demand.
Feel free to call me to discuss, I have happy to give you very frank advice, but you will need to call me today as I am going away for a couple of days from tomorrow then back on Friday night. Will 07786 234 006.Posted 7 years agoz1ppyMember
Sorry not adding to the OP but
Doug – Member
there isn’t really a defence for being caught speeding tho is there?
There is if you were driving your own car abroad at the time el ploddo allege you were speeding in the UK.
Nope, they threaded to prosecute me & the two ppl who could have been driving the vehicle, even though I was in NZ @ the time.Posted 7 years agobillyboySubscriber
I have no expertise in this market.
I do have experience of Cumbria.
It is a very corrupt place. On the basis of my experiences over the past five years I would advise your family that there is a high probability that the local lawyer, agent, council, planning dept, Highways, Park Authority, police, justices, etc, etc are working outside the normal agenda you would expect, in favour of operating on the basis of a friend’s/ associate’s/ fellow mason’s wants or needs, never minding any ethical or moral considerations. And don’t expect any monitoring, regulating, etc body to do anything other than excuse and endorse the status quo.
Tell your folk to be EXTRA EXTRA sure about who they do business with.
It is a very lovely place with a lot of lovely people but it is very bad for corruption and nobody is willing to do anything about it.Posted 7 years agobillyboySubscriber
and wiilt is right………….
Property isn’t moving very much up there at the moment. Friends have had a guest house/ large Victorian property in a mountain valley location on the market for two years with no takers yet.
I’m told holiday lets are struggling aswell so developments for that are also at a low ebb.Posted 7 years ago
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