What to Consider Once You’ve Found the Perfect Hotel Property
So, you’ve found the perfect hotel for sale. You’ve gone through the process of deciding whether to buy an existing hotel or start from the ground up, so now what? Our experts recommend this: Do your homework. Here are a few additional recommendations we have before starting your hotel in Costa Rica:
Investigate other hotels and B&B’s in your specific area. You’ll need to feel out your competition and make notes of how you can find your competitive advantage to succeed.
Find out what nearby hotels charge. When looking at nightly rates, see where you stand and then go a step further, look at reviews. Remember: customers will pay more for a well-reviewed and rated hotel.
Read customer reviews online. This will help you see what clients are looking for in your area. Is there something that your competitors are missing that you can offer? Are other hotels in the area falling short on service or amenities – find your areas of opportunity.
Compare Amenities. Dining, spas, swimming pools, beach access – all add up to additional dollars.
Stay at a few competing hotels. Get up close and personal when analyzing your competition to ensure you can offer equal or more value to your guests.
Determine what extra services to offer. In Costa Rica vacationers are looking for service, relaxation, access to adventure, immersion in the culture and beach access. See what more you give your guests. But keep in mind that every extra service is an additional cost, so be sure you budget to avoid losing money on extra services offered.
Making your business plan. A good business plan is essential for any successful venture, and hotels are no exception. Make sure you don’t miss this critical step to drawing a road map to your hotel’s success and include: a description of services, your target market, earnings projections, and a full breakdown of your costs.
Whether your decided to buy or build your own hotel in Costa Rica will determine your final steps. If you decided to build, acquiring land will be your next step and if you decide to buy an existing hotel then ensuring staff is in place or hiring may be next.
When hiring your staff be sure to include: housekeepers, front desk staff, maintenance, and food and beverage employees if necessary.
Keep in mind if you purchase an existing hotel in Costa Rica staff, procedures, and often existing bookings are already in place.