Five Crucial Steps to Selling a Hotel or Motel Online

By Mike Handelsman Group General Manager, | October 28, 2008

Selling your hotel or motel is a life-changing event.

The decision to sell can be brought on by many factors, including a change in location, finances, or lifestyle. Whatever the reason, sellers should be aware of basic steps that can make the transaction more efficient and effective.

Statistics from the BizBuySell website show that hotels make up one category of businesses that are frequently bought and sold on the site. As more and more business owners are choosing to take a do-it-yourself method when it comes to selling, we are noticing a growing number of hotel owners using online outlets to put their business on the market, as well as a growing number of would-be hotel buyers browsing our site.

Unfortunately, we also see many hotel owners attempting to sell online using largely ineffective methods. These situations are usually the result of a lack of research and preparation before listing a business, and can greatly increase the amount of time a business is on the market, can make the selling process more frustrating than it should be, and can result in a much lower selling price.

The good news is that if hotel owners looking to sell devote time to researching proper selling methods and follow simple steps, the process can be a breeze.

With access to over 50,000 business-for-sale listings on BizBuySell at any given time, we have developed a set of five basic steps business owners can follow when listing their business for sale. They include preparing to sell, using Web tools to your advantage, providing the right information, screening buyers and closing the deal with due diligence. If hotel owners learn the details of these steps and take them into account, they are bound to find the selling process pans out as a great success.

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Coming up in June 2019...

Sales & Marketing: Selling Experiences

There are innumerable strategies that Hotel Sales and Marketing Directors employ to find, engage and entice guests to their property, and those strategies are constantly evolving. A breakthrough technology, pioneering platform, or even a simple algorithm update can cause new trends to emerge and upend the best laid plans. Sales and marketing departments must remain agile so they can adapt to the ever changing digital landscape. As an example, the popularity of virtual reality is on the rise, as 360 interactive technologies become more mainstream. Chatbots and artificial intelligence are also poised to become the next big things, as they take guest personalization to a whole new level. But one sales and marketing trend that is currently resulting in major benefits for hotels is experiential marketing - the effort to deliver an experience to potential guests. Mainly this is accomplished through the creative use of video and images, and by utilizing what has become known as User Generated Content. By sharing actual personal content (videos and pictures) from satisfied guests who have experienced the delights of a property, prospective guests can more easily imagine themselves having the same experience. Similarly, Hotel Generated Content is equally important. Hotels are more than beds and effective video presentations can tell a compelling story - a story about what makes the hotel appealing and unique. A video walk-through of rooms is essential, as are video tours in different areas of a hotel. The goal is to highlight what makes the property exceptional, but also to show real people having real fun - an experience that prospective guests can have too. The June Hotel Business Review will report on some of these issues and strategies, and examine how some sales and marketing professionals are integrating them into their operations.