The US Hotel Industry is enormous, earning over $185 billion in annual revenue and employing almost 2 million workers throughout more than 90,000 businesses nationwide. So, the concept of buying a hotel business can be one of the smartest decisions for your financial future. According to recent industry consensus, the hotel industry hit a record high in 2015 by booking over 5 million rooms in over 50,000 hotels. Buying a hotel business isn’t just smart, it could potentially be the best business decision you’ve ever made. But where should you start?
It’s one thing to simply want to buy a hotel and quite another to actually do it. Any successful business venture requires plenty of research, capital, and proper business and marketing plans to set your future in motion. Independent hotels can include stand-alone motels, charming bed and breakfasts, or even inns for sale. But if you want a safety net and serious guidance, a franchise option may suit your needs best. Both options are worthy ventures, but they’re dependent upon your need for creative freedom and business independence, whether you want to buy or build a brand, and how much capital you have to invest in your future. Of course, it’s also important to know that around 70% of annual hotel bookings are through chain hotels. Some of the most popular options include:
- Holiday Inn Express
- Holiday Inn
- Super 8
- Days Inn
- Hampton Inn
- Marriott
- Hilton
Hotel occupancy suffered a temporary dip in 2009 due to the recession, but it’s been growing steadily since. As the US economy improves, that growth is expected to surge. Whether you opt to buy a hotel or inn that contains fewer than 75 rooms, choose to buy a larger hotel with over 500 rooms, or prefer a smaller option, there are plenty of hotels for sale that can help you achieve your future success goals.
To participate in the hospitality industry in a different manner, consider researching and buying a travel and lodging franchise.