If you’ve always wanted to get into the hotel trade, then we have some top tips for you. Learn how to open a new hotel and make it a success here.
Find the Right Property
Finding a hotel to buy can be tricky, as you want it to be just right for you. Think about whether you want something that’s already fit for purpose or if you’d rather fix it up as time goes on. This will influence your budget too, so make sure you have this in mind.
Once you’ve found that perfect property, you can take things to the next step. Don’t worry if it takes you a long time to do so, it’s better to wait for just the right thing.
To arrange finance for your new hotel, you should work with a commercial mortgage broker to agree on a budget. They will take into account your current finances and the property you want to buy to let you know if this is feasible. You don’t want to get into more than you bargained for when it comes to the repayments, so be realistic.
Then, once your finances are arranged and the perfect property has been found, it’s time to bring them both together.
Depending on what kind of hotel you’ve bought, you might have to do quite a lot of redesigning. If it’s a total fixer upper, then you might have a lot to do. Design the entire hotel and bear your budget in mind, so you don’t get half way through development and have to stop due to costs.
If there’s not a lot of work to be done, then you can breeze through this stage. You’ll want to go through with an editing eye to make the hotel your own. Adding accessories and painting is a good way to make minor changes.
You may also want to think about products and services that you want to add. Bringing in a spa, bar or restaurant can give you much more to offer your guests.
Then, it’s time to open up your hotel to the public. You might want to open this up to a small sample audience before you open to the entirety of the public. This can act as a bit of a test run to help you find areas where your guests need improvements. This will protect your reputation and help you to make quick fixes before the reviewing public comes in.
Keep an eye on your reputation on the likes of Trip Advisor and make sure you’re responsive to any issues that might come up. Nowadays, this is one of the main places people look before they book, so make sure you come out looking great. Respond to all reviews, whether you think they’re valid or not. Be polite and helpful wherever you can to these reviewers.
A hotel can be a great investment, if you want to dive into running a hotel business then just keep these steps in mind.