Tips on buying a hotel
Buying a Hotel has always held strong appeal for those who enjoy the social interaction you receive whilst running a public bar, restaurant, gaming lounge and accommodation house.
Buyers intending to purchase with the purpose of operating the Hotel themselves as a family business would be well advised to seek out some professional and independent advice before committing what will be a large capital sum to such a project.
If you require finance to complete the purchase you will find that a sound knowledge of the industry will be important if lenders are going to support your application.
You will need to demonstrate that you are familiar in the various operational and licensing requirements.
Alert Property Group can assist you to locate the type of Hotel you are seeking.
Many smaller freeholds whilst affordable are operated as a family business which requires a very hands on commitment from either a husband and wife team or a partnership.
We can assist in assessing the likely returns based on the sellers figures and compare those with industry benchmarks to ensure that there will be no surprises for ingoing operators.
Alert Property Group also can provide the reporting demographic trends and changes likely to effect the proposed hotel’s future trading potential.
The hotel industry in Queensland is governed by the Department of Tourism, Sport and Racing.
The Government bodies that manage the regulations are the Liquor Licensing Commission and The Queensland Office of Gaming
The requirements of both of these bodies must be met as a preliminary to undertaking the purchase of a Hotel property as there are restrictions on Gaming Machine licensing and the transfer and or purchase of General Licenses.
Alert Property Group work together with specialists to assist purchasers meet the requirements set by these Government Departments and to ensure that you have a seamless transition with your contract.