Hi Inn Owners!

[AndyB]

Hello all!
I have enjoyed reading all your forums for quite some time now-- been keeping quiet all that time! Your insight, humor, and general great information has been great. I guess it is about time to say an official "HELLO" to all. So nice to have access to this great information site.

We have been looking for an inn for about 7 years now-- three "almost" deals during that time, but unfortunately, not a completion. We were originally looking at historic properties that were NOT inns, but could be renovated into an inn. As we learned, that can be difficult as the sellers of those properties will not wait for a proper due diligence time, nor do they want to wait for a SBA 504 loan either. The properties that we loved, actually sold at LOWER prices that we offered but the buyers closed in 45 days!

That being said, we are now looking for existing Inns that are for sale. I see that there are several B and B/Inn brokers that pop up at the top of the google search. Does anyone have any suggestions on a good broker to use? It seems like most of them only want to sell you the inn that they are listing--- should buyers go with a broker who is the seller's representer? Are there buyer brokers out there?

Thanks
AndyB
Hopeful future inn keeper

 

[Morticia]

What’s your desired area to live in? That helps in narrowing down which broker to use. You want someone on your team who knows the area and can guide you in what may need to be done at a particular property once it changes hands. They can also help in selecting a lawyer, bank, and accountant, if you don’t have those people lined

In re using the same broker the seller is using — generally that’s the only way you’re going to see what you want to see unless you do all the sourcing yourself and insist that the broker you are working with show you everything on your list. It’s up to the brokers to work out the commission and they do not want to share.

Downside is that one person knows all the inside details. And they are working for the seller (read: commission) and not the buyer. So, you know you’re willing and able to go up to $x, but you wouldn’t expect your representative to spill that to the seller. You want them to negotiate the best deal for you.

Good luck!

 

[AndyB]

Thanks for the info! We were looking in the Southeast (Georgia, Carolinas, )-- now however we are more interested in New England and New York area as it seems that some of those areas are getting more popular with guests. We are definitely East-- not looking midwest or west now or in the last 7 years.

I was thinking that a "buyer broker" might know some inn owners that are not listing a property, but might be interested in selling to the right person/right $$. It seems like the brokers with listings only try to push you to their properties (I did interface with one and they kept trying to push us to one particular one that was NOT what we were looking for and when I asked some very specific questions about the property I never got straight answers)

 

[gillumhouse]

Inn Partners | http://www.innpartners.com | 877-957-2360 | [email protected]

PO BOX 1162, Brattleboro, VT 05302​

Bushnell & Bushnell Services | 410-422-0013 | [email protected] https://www.bushnellandbushnell.com

Rick Wolf | 207-967-1995 | Lafayette Center, 2 Storer St., Suite 404, Kennebunk, ME 04043 | [email protected] |
Peter Scherman | 434-286-4600 | P.O. 399, Scottsville, VA 24590 | [email protected]
https://www.bbteam.com

More can be found on Association of Lodging Professionals - the national association

 

[JimBoone]

Thanks for the info! We were looking in the Southeast (Georgia, Carolinas, )-- now however we are more interested in New England

I was thinking that a "buyer broker" might know some inn owners that are not listing a property, I asked some very specific questions about the property I never got straight answers)

AndyB, nope, don't have the answer to your broker question, just some random thoughts, right or wrong.

Where have you lived? Southeast, New England, not just business, but what makes you happy, it is happiness that carries me through. I would expect rules and taxes to be higher in the Northeast, but have spent my life in the Southeast, moving from home, coastal, to mountains, vacation area, for this business long ago, but I was picking the area and lifestyle I wanted for my family.

I'm negative I suppose, but a salesman/broker's job is to earn commission, helping me is secondary. I followed newspapers in my chosen area for several years, contacting agents listing property that fell within my budget. Everything is more electronic today, have you considered sending emails to properties in the areas you'd like to live asking if they know of properties coming available in the area.

 

[TheBeachHouse]

Search Seven South Street, Rockport, MA. They are for sale. 9 rooms, but if I owned it, I would take a couple for myself and open with six rooms. Very good reputation. Known for their four course breakfast.

Also search Linden Tree Rockport, MA. Also for sale. They are targeting developers, but it has been a successful Inn for over 20 years.

 

[FHI2426]

B&B/ Marilyn Bushnell are pros, they know the east coast

We will be looking to sell in about a year but you are always welcome to come kick the tires

www.flaghouseinn.com in historic Annapolis, has been B&B for almost 30 years. contact us direct if you want to have a look ... (Marty, 410-280-2721)

 

[Sam]

If you are looking for an Inn in New England then take a look at the historic Putney Inn.
https://www.loopnet.com/Listing/57-Putney-Landing-Rd-Putney-VT/15014269/
We can also help you obtain a SBA 504 Loan.

 

[GoodScout]

Had to look up cap rate since in my previous life I was so used to using EBITA.

 

[AndyB]

Thank you all for this great information!!

 

[Aussie Innkeeper]

Your list of states you're looking at leaves out PA. There are A LOT of B&B's for sale here in Lancaster County (where we get 8.5 Million tourists per year). My inn happens to be one of them.


Oh, and I agree that Marilyn Bushnell is the best!