Top 10 Legal Documents in Hotel Acquisition
Here is a list of the top legal documents you will use to acquire a hotel property. While various attorneys (yours, the seller’s, the franchise company’s, etc.) will prepare these, you and your attorney should review them so that you understand all the implications and can negotiate appropriately as necessary.
A Letter of Intent is used by a buyer or seller before they enter into a business transaction. Specifically, purchasing a hotel begins with a Letter of Intent between the buyer and seller. The Letter of Intent highlights big-picture items that will be further defined in the various agreements and other documents to memorialize the transaction. Such items include, but not limited to: