Buying a hotel in blackpool...
Discussion
Is this a viable business idea?, Anyone here done it?..
Say a 12 bedroomed hotel like the one below, Bought mortgage free and running it with my partner..
I'd probably take it on as a project over a year or two before opening, Bringing it upto date while finding out what people like in a hotel...
I know Blackpool gets a reputation but it is still a very popular seaside town even through October to November because of the illuminations
One below is just an example, I wont be thinking about purchasing for around a year...
http://www.rightmove.co.uk/commercial-property-for...
Say a 12 bedroomed hotel like the one below, Bought mortgage free and running it with my partner..
I'd probably take it on as a project over a year or two before opening, Bringing it upto date while finding out what people like in a hotel...
I know Blackpool gets a reputation but it is still a very popular seaside town even through October to November because of the illuminations
One below is just an example, I wont be thinking about purchasing for around a year...
http://www.rightmove.co.uk/commercial-property-for...
croyde said:
Jeez! You wouldn't get a garage round here for that.
Stayed in similar up in Blackpool for work and it was busy but the place gave me the shivers. Mind you at that price and keep the customers coming in, that could be a lot of profit.
Good luck
Yeah, Thinking it could be a good start as opposed to buying a house...Stayed in similar up in Blackpool for work and it was busy but the place gave me the shivers. Mind you at that price and keep the customers coming in, that could be a lot of profit.
Good luck
Would take some learning though before purchasing to make sure its ran right..
Eric Mc said:
How does it handle negative reviews?
Actually that's only a guide price at auction, I would expect it to go for well over 250k
(I know Blackpool very well)
Personally, I wouldn't bother, running a hotel is bloody hard work and Blackpool is like a ghost town and hell on earth in the winter, when the winds howl along the prom............
What I dont understand is why the illumiations run from the end of the summer holiday (when it doesn't get dark until gone 8pm) until half term. Why dont they start them in the half term and finish them on new years day. Result, you get two opportunties to take the kids (half term and xmas) and it will draw people in for festive shopping.
That seems a very low price for somewhere so big.
It only has 12 reviews on tripadvisor which is extremely low for 4 years. Either they don't get much custom, or people are neither up nor down about the place.
Many of the B&Bs in Blackpool are absolute dumps with plenty already closed. It certainly looks a tough business when they can't afford to maintain their accommodation and so many closing.
Every year I go with a bunch of guys for a piss up in Blackpool, but I'd honestly hate to stay there.
I can only imagine the hassle a hotel owner has to put up with as it isn't exactly the quietest well behave place in the world.
It only has 12 reviews on tripadvisor which is extremely low for 4 years. Either they don't get much custom, or people are neither up nor down about the place.
Many of the B&Bs in Blackpool are absolute dumps with plenty already closed. It certainly looks a tough business when they can't afford to maintain their accommodation and so many closing.
Every year I go with a bunch of guys for a piss up in Blackpool, but I'd honestly hate to stay there.
I can only imagine the hassle a hotel owner has to put up with as it isn't exactly the quietest well behave place in the world.
Just had a little look and see this 30 bedroom property is available for £200,000.
http://www.rightmove.co.uk/commercial-property-for...
Reading tripadvisor it is middle of the road for reviews. It also highlights the property changed hands late last year.
The advert also states the hotel has an annual turnover of £100,000.
If you've got 30 rooms, I can only imagine that you'll need numerous staff to take care of a lot of work and duties.
£100,000 doesn't sound like much at all to me.
http://www.rightmove.co.uk/commercial-property-for...
Reading tripadvisor it is middle of the road for reviews. It also highlights the property changed hands late last year.
The advert also states the hotel has an annual turnover of £100,000.
If you've got 30 rooms, I can only imagine that you'll need numerous staff to take care of a lot of work and duties.
£100,000 doesn't sound like much at all to me.
I think opening a hotel in Blackpool must be extraordinarily high risk. The tourism industry there (here) has been in freefall ever since the dawn of budget airlines, the town has some of the worst social problems in the UK and you would be trying to differentiate and sell yourself amongst literally a whole town of competition. You'd have to be insane.
I can remember going to Blackpool as a kid in the fifties, it was a licence to print money, you couldn't see the sand for deck chairs, donkeys and Kiss me quick hats........
Now you have to get a telescope out to spot a deckchair.
I still have a soft spot for it though, and like to visit for a day every year or so.
Great shame really, but the arrival of Jet travel changed everything.
Now you have to get a telescope out to spot a deckchair.
I still have a soft spot for it though, and like to visit for a day every year or so.
Great shame really, but the arrival of Jet travel changed everything.
We have friends who did this for 8 years.
Gave up good jobs paid cash, and thought it was an easy way to make a living. 8 years on, they sold for just under what they had paid for the place, glad to get out of the stag parties, rugby club outings etc. They had 10 rooms and were charging around £40 per night B&B.
However, we we have other friends who paid for a lease on a run down sea front hotel, just north of the town centre, have fitted out the rooms to a very high standard, and are charging around £65 - £100 per night for a double, they are booked up months ahead for weekends, and find it extremely lucrative.
Just depends if you are prepared to invest and work on the business, do something a little different from the 'rest', then there are rewards to be had, but just a cheap way to make some easy money will not work. (Guess its just like any other business.!).
Gave up good jobs paid cash, and thought it was an easy way to make a living. 8 years on, they sold for just under what they had paid for the place, glad to get out of the stag parties, rugby club outings etc. They had 10 rooms and were charging around £40 per night B&B.
However, we we have other friends who paid for a lease on a run down sea front hotel, just north of the town centre, have fitted out the rooms to a very high standard, and are charging around £65 - £100 per night for a double, they are booked up months ahead for weekends, and find it extremely lucrative.
Just depends if you are prepared to invest and work on the business, do something a little different from the 'rest', then there are rewards to be had, but just a cheap way to make some easy money will not work. (Guess its just like any other business.!).
Plenty of cheap run-down hotels in coastal towns available to buy. If the locals can't make them pay, then an 'outsider' won't stand any better chance.
A hotel will cost a small (or large) fortune to refurbish to even a fairly basic level (think 30 beds, 30 bathrooms, 30 wardrobes etc..) and that will all come out of your money before you get any profit in.
Most hotels round here that are still going are family run (often two or three linked families, uncles, aunts etc) so get cheap 24 hour labour coverage. They have also been owned for decades so didn't have massive loans on then in the early years. Once the family retires/decides to sell up, property prices mean it is no longer viable and most get turned into apartments or DSS flats.
A hotel will cost a small (or large) fortune to refurbish to even a fairly basic level (think 30 beds, 30 bathrooms, 30 wardrobes etc..) and that will all come out of your money before you get any profit in.
Most hotels round here that are still going are family run (often two or three linked families, uncles, aunts etc) so get cheap 24 hour labour coverage. They have also been owned for decades so didn't have massive loans on then in the early years. Once the family retires/decides to sell up, property prices mean it is no longer viable and most get turned into apartments or DSS flats.
£40 per night times say 10 or 11 is £400 to £440 per day.
Minus rates, minus staff, national insurance, sick pay, holiday pay, maid, electricity for 10 rooms, gas, insurance, repairs etc.
I can't see it being a nice way to make a living.
Blackpool isn't too bad, it can be fun if you have the right mindset.
Minus rates, minus staff, national insurance, sick pay, holiday pay, maid, electricity for 10 rooms, gas, insurance, repairs etc.
I can't see it being a nice way to make a living.
Blackpool isn't too bad, it can be fun if you have the right mindset.
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