The UK hotel sector has enjoyed an uptick in business in the last few years, largely thanks to an increase in overseas visitors and the rise of the ‘staycation’. The hospitality industry itself has also evolved and now includes a more diverse variety of accommodation options including everything from owner-managed B&Bs to international chains.
There is something for every buyer, with location and budget likely to be primary considerations. Pick a tourist hot-spot and it may carry a hefty premium but is likely to offer considerably higher returns, too. There are bargains to be had in some areas but if there’s a lot of local competition for guests, there may be a low ceiling on room rates, so it’s important to factor this in. Guest houses and B&Bs are synonymous with seaside holidays but they also do well in locations that attract regular contract workers looking for affordable mid-week accommodation.
People from a variety of backgrounds are drawn to hospitality, from established professionals looking for a thriving hotel to semi-retired couples who hanker after a guest house in the Lake District. Whatever your ambitions, there are plenty of advantages to running your own hotel, but you will need to enjoy meeting people and be happy to deal with every request with patience and tact. You’ll also need to be prepared to work long hours. An understanding of general business practices is essential – it’s definitely not a part-time hobby.
When looking at hotels for sale, be prepared for a lengthy search before you find the business that’s perfect for you. Establish a geographical search area or limit your search by price or type of business: it’s important that you acquire the right business in the right place for the right price in order to optimise your chances of success.
