Quote: (09-12-2014 03:54 AM)Sp5 Wrote:
Bumping this up because it's an idea I've been thinking about.
There are a lot of bars for sale - worldwide. I have been looking at the USA, UK, Ireland, Spain and Singapore.
Also thinking about small hotels and B&Bs.
Let me know if you guys need any input on hotels. This is my forte at the moment.
Hotels can be a great source of revenue but as noted, the up-front costs can be insane. They're also invariably run-down to some degree and maintenance costs can get out of control.
I would not recommend owning a hotel in California. I would highly recommend owning a small hotel where labor and cost of living is much cheaper.
Like owning a bar, I would also highly recommend taking a hotel job for a year. If there's one position that will give you the most exposure to daily operations, it's front desk agent. The valet/bellboys are the first point of contact for a guest, but it's the front desk agent that really sets the tone of the guest experience, much like a server in a restaurant. In the front desk you'll deal with room reservations (most likely through Opera system), restaurant reservations, special requests, complaints, with a good exposure to room sales, group sales, and handling cash drops and credit transactions. The front desk is kind of the hub for the rest of the hotel and they're required to be knowledgeable about on-site dining, calling housemen or engineers for room repairs or emergencies, scheduling housekeepers for cleaning, directing valet guys, etc. It's a high stress, learning-intensive environment that I highly recommend.