Finding Off-Market Hotel deals, and Auction hotels.
[deleted]
[{"id": "hqsqjk6", "text": "These can be difficult to come across. Knowing brokers who work in this niche and knowing owners helps. I'm working on an off market one in Orange County....approx 60 doors, $8MM. Hope to have it in escrow in the next couple of weeks.\n\nI pay more attention to price per door/key when comping them out. You can also utilize a STAR report to get an idea of revenues and then back that into the comp data.\n\nPersonally, I stay away from auction properties. Never had success with them, but that could be just my opinion.", "replies": [], "depth": 1}, {"id": "hqt2cyr", "text": "You\u2019re a college freshman, focus on that not buying distressed hotels. \n\nThat said to answer your question Hotels are super complicated to invest in and have significant capital requirements, REO usually have environmental issues in bathrooms behind VWC and in ice rooms. Ten-X is the platform when they come up, you have to be a qualified buyer post 10% of GPP as deposit in 24 hours and close in 30 days. If you\u2019ve never bought REO before hotels really isn\u2019t a place to start.", "replies": [{"id": "hqt9paq", "text": "Ignore the bio lol", "replies": [], "depth": 2}], "depth": 1}, {"id": "hqw4ai4", "text": "Most are not on mls if that\u2019s the question. Who would know? A large commercial broker in your area. I would see what they have available.", "replies": [], "depth": 1}]