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BUYING A Hotel?! (Negotiation & Business Deal Footage)
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- เผยแพร่เมื่อ 1 ธ.ค. 2022
- Should I Buy This Hotel, what do you think?
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In this video I take a look at a potential business to buy, specifically a hotel. We meet the owner, discuss options for a deal and dive deep into what I think could be done to save this hotel.
#business #entrepreneur #hotel
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@@LagerthaJackson Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
My Financial adviser is ‘’Catherine Morrison Evans’ and she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Insightful... I curiously looked up her name on the internet and I found her site, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Worked for Robin for a couple of years as a teenager. His hotel employed a number of youngsters in the Diss area, giving hospitality and life experience. Great charasmatic guy, good fun. Wish him all the best. Rob
Can’t touch Diss!
Hello James,
Just saw this episode today.
Inside the hotel, Robin sounded defeated.
You took him for tea and were discussing his options and that seemed to give him energy.
That is another example of how you have positive influences on people.
Well done.
How does James not have more than 1m followers the level of detail that's included in these videos is fantastic!
I've been prone to some binge watching can't get enough of it and I'm leaving a comment never do that either.
I love all the inhouse mixing of the different businesses, sweating the overheads it's amazing to watch.
I'm in the early stages of my entrepreneur path, I've been into selling since I was at school and now 33.
I say early stages because I've finally found a business that supports me and my family.
In the way James would explain it is 80% profitable job and 20% business that could scale easily.
Everyone has heard that 80/20 rule it's time to switch gears and focus on that 20%.
Watching him talk about a profitable job was an eye opener and if I die tomorrow can anyone else take over well not very easily.
Love your stuff James lifetime fan here!
Shameless plug ( why not ) my business is Webooked if James can get on the radio leaving a leaflet under the door in the radio station (love it) then I'll get in the comments section haha because you never know!
Fantastic video James. Having been manager in hotels going through change like this, its a hard hard thing to get done and its expensive. Its 24/7 and never shuts off, which is what makes it so hard to keep going at a standard. These small hotels are difficult to staff because its just below the size thats starts to become really efficient so ends up being under staffed or owner run but below the standard needed.
If i was the owner I would:- 1) get a measured survey 2) Hire an architect to re-configure hotel as apartments, with ground floor commercial coffee shop and possibly new build in the car park; Get planning permission. 3) Sell private treaty or at auction to a developer 'as is'; 4) Take cash, invest in diversified 'hands off' investments and enjoy a good retirement.
Unfortunately I think younger hotel goers don't really want rustic or old fashioned hotels, they want modern. It's very expensive to make an old building look modern, so they generally just get increasingly shabby and downmarket because sweating the assets the only viable option if you don't want to spend a small fortune. Look at all those fabulous buildings Brittania Hotels buys and then essentially lets them fall into the street.
I work the area as a ‘travelling salesman’ and Diss is very central for Norfolk and Suffolk for people like me, and the area is crying out for affordable accommodation that is clean with work areas in the rooms, wifi and breakfast. The region also benefits from day visitors and holiday makers, so there is a lot of potential. Such a shame this has gone so long without any investment. I look forward to see how you take this forward. Best of luck
The veterinarian’s response would be to put it down.
Just got home from EMC2022
Thanks for your infectious energy, humour and priceless insights from both your stage stints over the last few days
Emjoyed watching this video too!
Will be watching and supporting more!
nah money sink, seen enough people lose it all on hotels and b&bs lol
I came across your channel when I was researching real estate investing and entrepreneurship on TH-cam. You have such inspiring content, which I love. Being an industry veteran with a background in managing restaurants and events, I can see this as a very challenging and huge project. I am confident that you and your team will turn this building into a very successful business. Wishing you all the best in your future endeavours.
The Rich stay Richby spending like the poor and investing without stopping then the poor stay poor by spending like the Rich yet not investing like the Rich
People prefer to spend money on liabilities,Rather than investing in assets and be very profitable.
You're so correct! Save, invest and spend for necessities and a few luxuries relatives to on's total assets ratio.
This must be an investment with Mrs Lauren James
@@grantben5898 I'm just shocked you mentioned Expert Lauren James thought am the only one trading with her
@@velenziajohn7955 Haha you don't have to be surprised Mrs Lauren is really good and everyone loves genuine services,she helped me recover what I lost trying to trade on my own.
Great video.
It these behind the scenes, real people vids, that I like best.
Business is nitty gritty. It isn't all about logos and websites.
Loved this episode James. Backing music while looking around the hotel was brilliantly paired too. I think you gave some really valuable advice - like closing off a couple of floors temporarily while you generate cash from the others. I'm thinking back to the episode about your business park... If you had the choice between a business park with buildings, or a big bit of land you could segregate up and rent out as individual " fenced-off yards", which would you prefer, £ for £?
I’m In hotel business, getting a deal like this would be a dream, where the owner wants to sell it but would do lease option for the time being. It’s a no brainer to go ahead with it. So much potential as long as the hours are put into it.
Great video James. Robin does seem to be a nice guy. He's very switched on. He knows what needs to be done, it seems he's just fed up and had enough.
I think it will be too labour intensive even when it is up and running the staffing costs will be astronomic, if done properly. It will take years to get back into profit. On the other hand we have a sweepsteak going on here to see how long it is before you start a commercial laundry service !!!
I think there are probably better avenues for your money!
One of your best videos James. I was shouting £10k per room at the telly when you said it! haha I like the wedding venue idea - great looking building and great car park. £5k weekend wedding, £2.5k mid week plus £100 a room...£10k per week.....perfect!
Lease option would be perfect. So i vote buy it!! would make great content and maybe its own podcast mini series....
With your presenting style you should be on TV! I see him doing dragons den. Ever thought about that?
I’d love to be a dragon. It’s my dream.
This is my new fave youtube channel.
Well I’m glad to hear it!
James you're a legend. I would watch your videos over Eastenders, BBC, fox News, Hollywood, Bollywood (all story telling liars)... you name it! The opening was hilarious 😂
What a great video! I can't wait for part 2. The staggered refurb approach seems the best, and to even think of that is great business sense. Please don't keep us waiting too long for the next part 😂
The wedding market is the best option imo. The outside space could be utilised for outdoor ceremonies weather permitting. Quality well trained attentive staff is crucial though. So many venues cut corners on staff and it lets them down. Why would you not include catering?.
Anyway, lovely venue, great town and good luck.
I’d love to see the swan restored to its former glory .. worked there for a few years , drank there for longer . Personally I think the carvery/ function room would make a lovely snooker / pool room club .
you can buy his course or join the workers in FOCUS and create a future for you
This is brilliant stuff. Great to see these discussions behind the scenes.
I can't believe you were in my home town James, gutted I didnt see you. It really is a small world.
There must be an opportunity to sweat this asset James, a day nursery with that much car parking and foot fall, a large elegant cafe/coffee shop that easily doubles into the wedding venue on a Saturday/Sunday, conferences with bespoke guest bedrooms, with floor by floor completion, fair play to you
Really loved this type of video. You can bring in someone who knows the hotel market James. Entrepreneurial flair is completely transferrable regardless of the industry and that's something your team can really help this business with.
Great Video 👍 Do I remember you saying in a previous video that you were going to do Glamping at Marsh Farm? There would be a bit of cross over between that and this.
Personally, I would do up 2 or 3 suites / rooms in the place, and OTA it (airbnb, booking etc). Include breakfast as a cold continental with cereal.
That way, you need 1 person to clear and re-stock breakfast. Hire same person or another to clean rooms. Can all be managed remotely from your existing office by 1 person with electronic key locks etc. Then, when cash starts coming in, do up the other rooms, then the restaurant, bar etc.
Thats what I would do (but only if the buy price, or long term lease was peanuts) 👍👍
Great video. Raw. If was an A Level business studies teacher that would be my monday class discussion sorted!
Haha, I wish my a level business classes would have been like that. Was just copying from textbooks for two years.
Love to watch the deals/analysis as they happen. Please do a follow up video with outcome and pro’s & con’s
50/50 on thr long and short stay.
This will improve the cash flow and make it more consistent while you spent on upgrading all the rooms. So.muck potential but need to keep a firm hand on the cash.
Can’t wait for part 2 this is what we want to see great content as usual best business man on TH-cam
Loving the new challenge. Thats what life is all about. Eager to see the outcome of this.
Great strategies explored in this video, but I would have thought the shopping centre would be closer to your visitor attraction background James. I'm also keen to see someone reinvent the bricks and mortar shopping experience and intrigued at how you would approach it (I think my first comment on one of your videos was on that topic!). Best wishes to Robin too.
By far the most valuable video. Thanks for sharing the rich insights!
I'm in love with this sort of video. Appreciate the content
Great content James ,lease option sounds good,what I nice guy he is bless him
£750k is a bargain- I’d convert into six two bedrooms flats (?) and keep ground floor as pub restaurant etc 🤔
They would not be mortgageable with licensed on the ground floor.
Great content. Looking forward to business Masterclass 2023 there! 😅
Absolute golden video James. Loved it. 👏🏽👏🏽👏🏽👏🏽
Amazing video. Such great work.
Odd question for Chuds. What song are you using under the tour footage please? ☺️
A Thief's Waltz - Victor Lundberg
@@Mason19970 thank you so much!
James the ‘Hotel Inspector’, watching to see how this develops.
I would love to own a hotel, so much opportunity around. However we are in a recession and I don't think it's the right economical time.
Harleston. Lovely market town that. Lovely little Post Office there 👌
Could have sworn this hotel was on The Hotel Inspector years ago?
Make this into a series.
Keep the rustic, vintage decor, people will go there for that, don't make this nice character place something it's not, but do polish it up for sure
Oh wow James...I now know you have the hotel so well done and super that you helped Robin....I have had the same issue with a run down hotel right on the sea front in a Kent coast town and the owners want 699 but are now sending it to auction....their agents told them not to go with my PLO offer.. Ufff, agents eh
Did you ever do a part 2?
Fantastic video. Very entertaining 👏
Interesting project. Looking forward to seeing how it plays out 😊.
Hotels/aparthotels are definitely a great strategy, we are focusing a lot more on that moving forward. So many exciting opportunities out there similar to that owner looking to exit.
Oh and well done at EMC 👏🏼💪🏼💪🏼
I think i was good advice to do one floor first and shut the others off full stop until cash/customers comes in. Technically keeping it like a MVP/Showrooms no point in spending to much money if the customers don't like one floor they not going to like the other two either. Seems a nice guy Robin not your "Gordon Ramsey Kitchen nightmares owner" who thinks he knows everything.
why don't you buy good performing businesses that owner wants to sell, as motivated cos of divorce, illness. as my cousin learnt going to pena castle in 2015. he said you don't want one where you have to try and improve something that isn't doing great, big flaws. As he said defeats object and you guys dont have skill to turn it around. It was cardone always says raise more money for best deal proven performer. Not a do-an-upper and try to turn stuff around and there is no guarantee can. My friend brought a salon was doing £100k profit on £800k turnover, 21 years on high street. great biz no flaws etc. owner wanted quick sale to move to spain. And got it for £150k hasnt touched it for 3 years, and doing great, same rev etc.
Would like a follow up to this video
You should’ve bought my Swan Hotel from me when you came to see me James!
There's hotels a lot worse than that are always busy in more popular tourist hotspots. Guessing its not that sort of location. Getting asylum seekers or providing short term accommodation to homeless people is the easy option. Gov wants to keep demand for property high so prices stay high. The UK is rapidly gaining the status of a developing nation. It used to be you'd go abroad on holiday and complain about the accommodation and now it's turned a full 180. It's dire in this country. In many hotels now you cannot even have a proper shower in the name of saving some old chestnut.
Absolute fabulous episode
Loool you’ve torn him a new one bless him 😂
Where’s part 2??
robin is a nice guy but he doesnt have the stomach to be a hotel manager. he should have invested his money on buy to let.
Think we've got a new Alex Polizzi on our hands 😉
Looks like they need Alex Polizzi
Wedding venue is the future
I knew its going to be a hotel 🏨
Here a though James. Get the government to pay you for to house migrants... Ouch sore subject. Paul 🇮🇪
Stay away from that deal. too small
Still trying to figure out if this is some kind of parody account. has a very Ricky Gervais The office meets Allan Sugar the apprentice with a touch of homes under the hammer.
😂😂😂Nope, it’s real.
@@JamesSinclairEntrepreneur wow, any tips for a 50 year old failing carpenter.
@@jamesdiver2183 don’t tell someone they are like David Brent then ask for free advice?
@Tabac-en-paris l never said he was like David Brent, don't try and twist the truth.
Fix your audio 🤣
Fix your speakers 😂
Ukraine flag , says it all .