The biggest challenge in becoming a hotel owner is finding the right deal. You are looking for a project that has a strong market, excellent financial potential, fits within your financial capabilities and, importantly, appeals to you. Your criteria and opportunities are unique to you.
Recognize that it’s more convenient to own a hotel located 6 miles from your house than 300 miles away. It’s easier to raise equity for a small project than a large one. Acquisitions are simpler than ground up development, particularly for first-time owners. Whether you are excited about a boutique hotel, an extended-stay hotel or a particular brand, part of the process of becoming an owner is studying potential projects until you find something that connects for you. It takes flexibility. You may ultimately choose a project that is very different than your first idea. That’s good because it means you moved through a learning curve.