Kingsleigh Inn, Southwest Harbor
Craignair Inn and Restaurant, St. George
Abbington's Seaview Motel, Lincolnville
I've currently got three properties under contract at the moment - and they're each very different from one another. But the common denominators in each deal is a strong business relative to the price. The sellers have priced the listing right and the buyers were looking hard at the business performance, first and foremost.
Maybe this is an indication that the "lifestyle" of the lodging industry is coming back but buyers are still cautious about just how much they are willing to subsidize to make the "lifestyle" work?
Sellers contemplating putting their property on the market should focus on bringing the income up as much as they can to help enhance the marketability and value of their business. After all, it isn't just a home, it is a business. It's a hybrid real estate investment that can provide a home and a wonderful lifestyle. But either the numbers have to work or the buyers need extra cash to make it work.
I am the eternal optimist...but maybe 2010 will be the turnaround year for lodging brokerage...