I have saved up about $1m and I’m thinking of starting a hotel business. Please does a anyone have a blue print on hotel setup and management. I would like to build the hotel from the foundation, I already have a land which I can build the hotel on . What are the best ways to go about it. Also, do you guys think that hotel business is not a good business. TIA.
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Look into vacation locations outside the US that are up and coming where you can still actually open a fully functional business venture in tourism for your money.
I know the hotel business is very very risky and difficult and I’ve just heard it’s all around chaos and you have to spend years studying how to do it properly and profitably.
That being said, I think it’s be really cool to have a hotel business with hotels all around the country/world. Like it’d be so fun to kinda be able to travel around and have those expenses paid for
I realize that’s all easier said than done, and may not be an entirely realistic thought, but it’s something I like to think about from time to time
my brand wants to be in the sleep hotel business not hotel per say, i can use the funding, also i did find a investment opportunity a certain casino near me has talks going on about being rebuild so there is this land nearby that would be worth it, and im talking vegas and with the F1 coming to town the hotel business will be like trending.
Quick - what is the fastest beau to turn a millionaire into a broke debtor? Have them buy a hotel…
If you have $1M in start up capital I would suggest you speak to a real estate agent and a financial advisor.
But why though reddit might tell me the answer I want to here lol
Yes.
Google hotel profit margins…
Instead of hotel building a halfway house for offenders. It’s like printing money if you are in the right location
I, too, come to reddit with zero information on my specific market with no understanding of that market to ask if investing a mil is a good idea.
If you want to join the hotel business you can’t go the normal route of hotels, it can’t be for maximum profit but for your own enjoyment and pleasure.
The rooms on each floor has to be limited with much more space at an affordable price while offering luxurious-like leisures at the hotel.
Buffet that has a menu for dishes to be made fresh while also having food you can grab by yourself, spacious gym and pool, it would be amazing to have an karaoke like club bar on 1 of the floors as well.
Game floor with an arcade and gambling area would be like a small Billy’s c(:
Happy to chat. Architect turned real estate developer. Owned and operated a 200-room hotel and convention center. I’ve strategically and successfully moved through various target audience’ on a single property to grow revenue and profits over years.
What’s your motivation? There are way too many factors to consider before concluding one way or the other. Having said that I know hotels can be difficult to run profitably.
This is the way.
Get a job in a hotel like you want to open then work your way up to general manager and see if you want to do this.