Five Crucial Steps to Selling a Hotel or Motel Online

By Mike Handelsman Group General Manager, BizBuySell.com | 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 March 2019...

Human Resources: An Era of Transition

Traditionally, the human resource department administers five key areas within a hotel operation - compliance, compensation and benefits, organizational dynamics, selection and retention, and training and development. However, HR professionals are also presently involved in culture-building activities, as well as implementing new employee on-boarding practices and engagement initiatives. As a result, HR professionals have been elevated to senior leadership status, creating value and profit within their organization. Still, they continue to face some intractable issues, including a shrinking talent pool and the need to recruit top-notch employees who are empowered to provide outstanding customer service. In order to attract top-tier talent, one option is to take advantage of recruitment opportunities offered through colleges and universities, especially if they have a hospitality major. This pool of prospective employees is likely to be better educated and more enthusiastic than walk-in hires. Also, once hired, there could be additional training and development opportunities that stem from an association with a college or university. Continuing education courses, business conferences, seminars and online instruction - all can be a valuable source of employee development opportunities. In addition to meeting recruitment demands in the present, HR professionals must also be forward-thinking, anticipating the skills that will be needed in the future to meet guest expectations. One such skill that is becoming increasingly valued is “resilience”, the ability to “go with the flow” and not become overwhelmed by the disruptive influences  of change and reinvention. In an era of transition—new technologies, expanding markets, consolidation of brands and businesses, and modifications in people's values and lifestyles - the capacity to remain flexible, nimble and resilient is a valuable skill to possess. The March Hotel Business Review will examine some of the strategies that HR professionals are employing to ensure that their hotel operations continue to thrive.