Are You Thinking of Buying Or Selling A Motel of Hotel?
If so, you probably already know that the purchase or sale of a hospitality property like a motel or hotel involves a number of different steps. When you assemble your team to help you, make sure that before you sign anything you have properly identified your:
- Accountant / CPA
- Real Estate Attorney
- Lender (if you are the buyer)
In our experience, most buyers and sellers of these properties find them by word of mouth or from local listings, but if you are searching outside your market area or need help finding a buyer, you may want to enlist the help of a real estate agent who specializes in such properties or search online for listings. There are many things your real estate attorney can help with when you are buying or selling a motel/hotel property. Among those things are:
- Negotiating/Drafting the LOI (letter of intent)
- Drafting/Reviewing the sale contract, which can be very lengthy and detailed
- Helping you work out the timing and turn over of control if there is a franchisor involved
- Helping you shop lenders if you need that help
- Obtaining due diligence documents from the other side
- Reviewing title and survey documents
- Reviewing and advising on inspection issues
- Preparing for and attending closing
If you are considering purchasing or selling motel/hotel property, please reach out to us and take advantage of the flat fee pricing we can usually offer in this area. Contact us today by clicking here, or by calling us directly at 314.862.2237.