Buy a Hotel and Create a Vision for Success
More and more people are finding the tropical life style in Thailand irresistible and are living their dreams by investing in a hotel in Phuket. With the proper vision and consideration anyone can enjoy the Phuket lifestyle and successfully operate a hotel. Phuket Buy House carry carefully selected listings of hotels for sale in Phuket to help purchasers find a property with greater investment potential.
Whether you are an industry expert or just starting out, before going ahead and to give the best chance of success there are a fair few things to consider.
Of course you need to find the right location suitable for the business. Find the real reason why the hotel owner wishes to sell their property. It will help to ask questions that can be confirmed or verified. Local competitors are a valuable source of information and it’s OK to ask them about the reputation of the hotel.
Financials for the property that date back at least ten years (if the hotel has been around that long) should be researched and thoroughly checked to give the most accurate, overall picture of the business. Check with the local authorities to see what kinds of future civil engineering works are planned that might disrupt operation of the hotel.
Have the hotel thoroughly checked out by a reliable contractor and get documentation detailing repairs and remodelling costs. See if there are any outstanding work orders for the hotels existing facilities like the kitchen or bar.
Try to create a name for the hotel that appeals to your customers as the right name can help to attract a little more business. In regards to Thai law foreigners must register a business and obtain a licence to operate a hotel as well as separate licences for food and beverage, entertainment or conference facilities such as a bar or spa.
Every year there are more hotels for sale in Phuket and provided the buyer diligently plans and carefully selects the right property before going ahead, the hotel will have every chance of success.
