Looking for Direction and or Advice on How to Proceed
Family has a small hotel in a prime vacation spot. Long story short is after decades of running it we are at a pivot point. Where we need to invest serious money back into the property and than run it for at least another 3-5 years to see the returns. It is a real pain in the ass to run and very labor intensive. The building is only two stories tall and does not have enough rooms to make sense. The other properties like ours have been bought out and turned into 5 story condos. The best use would to be demolish and build 5 to 6 story condo/ apartment building. 

I would like to do this development eventually but only have experience on much smaller gut renovation projects. I would like to lease the property out and get experience working for someone else.

I think the best option would be to tear the building down and lease out the land to a restaurant/ beer garden. There are no beer gardens in the area and I think one would do really well. The nearby bars are always packed and seem to do very well. 

Municipality is against food trucks or I would lease the space to food trucks and serve drinks myself. Need a food component to serve alcohol.

So my question is where to start to make sure that a lease would be feasible. Should I meet with a real estate consultant, restaurant consultant, commercial realtor, direct market to local breweries.

Does anyone have experience with leasing to restaurants or insight.
[{"id": "ilw4ye0", "text": "Do you have the address? Could look it up real quick to give you thoughts.\n\nIf it\u2019s cash flowing well right now it may not be worth tearing down, depends on the location. You could always hire a hotel management company to do all the hands on work. You could also convert to multi family without tearing down the entire property, and it would be a lot less expensive. \n\nI think leasing the land would be the least lucrative option since you can build up to 6 stories it seems, but could look into a NNN ground lease as well.", "replies": [], "depth": 1}, {"id": "ilwshac", "text": "Why don't you partner with a developer in your area ? They have in house experience to redevelop the property and the value of your land will be used as equity in this deal.\n\nYou would also want to speak with a broker to help determine the best potential use for the new development.", "replies": [], "depth": 1}]