Owning a hotel, motel, or other type of lodging is typically a good investment, providing you select a property with a great location and reputation. Currently, however, the Covid-19 pandemic has very negatively affected the travel industry, including the hotel sector, across the globe. Most people are not traveling for vacation, and many companies are prohibiting travel for their employees.
For interested investors, however, a downturn in the economy, regardless of the reason, can provide opportunities for buying properties at reduced prices. A professional real estate brokerage firm can help you find a terrific property to purchase and will guide you through the financing and closing processes.
Once you've purchased your hotel, how do you convince travelers to visit your establishment? These days, cleanliness is one of the most important factors that determines where travelers choose to stay. You'll want to make sure you can offer your guests a room that inspires confidence that they will be safe and healthy.
There are many ways to provide hygienic safety protocols for your guests. You can offer contactless or automated check-ins and check-outs via app or email. Guests will appreciate free hand sanitizer and seeing employees wearing personal protective equipment, including masks. If available, you can conduct rapid Covid-19 tests for each guest. UV Light disinfectant cleaning is helpful, and you can eliminate housekeeping visits during a guest's stay, with added emphasis on specialized hygienic cleaning after they depart. Leave 72 hours of downtime (keeping the room unused) in between each guest's stay.
Travel will eventually return. If you find a property that requires a good bit of updating or remodeling, you can use the next year or two to have the work done so you’re ready to host guests once things return to normal.
For more information about purchasing a hotel or other type of lodging, please contact:
Inland Real Estate Brokerage, Inc.
201 E. Veterans Parkway
Yorkville, IL 60560