Sunday, July 7, 2019

Change is Good!

As of July 1, 2019, I am the Director of Lodging and Hospitality Brokerage for The Swan Agency Sotheby's International Realty.

I started my lodging brokerage career with Kim Swan in early 2008 when I obtained my Maine real estate license and listed my own inn for sale. Kim's "Lodging Specialists" team were a small group of lodging brokers who had previously owned and operated their own inns. We walked through a buyer and seller's shoes and truly understood the nuances of an inn deal.

Around the same time, the country began to go through a recession. We sold our inn in March 2009 when the Dow hit a recession low. We were fortunate.

For the next few years I sold 1, 2, maybe 3 inns. The economy was slow to bounce back. It was in 2012 I decided to join The B&B Team. I was excited about the idea of working with buyers and sellers nationwide as an inn consultant. The B&B Team is very strong in that regard. And the idea to work for a company that focuses 100% on what I sell was appealing. The Swan Agency Sotheby's International Realty sells both inns and residential. The decision for me wasn't easy because I really liked the people I worked with at Swan. 

Fast forward to today and dozens of sales later. I have had a great run with The B&B Team. But I didn't end up working outside of Maine, because Maine kept me busy. And I realized that I truly didn't want to cover anywhere outside of Maine. The innkeeping world brought me to Maine in 2004 to buy an inn and my love of Maine has only grown since.

So after giving serious consideration of my career, I decided for the very opposite reason that I went to work with The B&B Team was going to bring me back to The Swan Agency. I wanted to work with an agency who devotes 100% of its efforts to the state I love so much. To the tourism and hospitality industry I know so well. To the state I love to call home. And Like The Swan Agency says "we work Maine, we play Maine, we are Maine'.

The opportunity for me to share my lodging brokerage expertise with other Swan Agency lodging brokers is appealing. To be the one to help others gain confidence and give them tools they might need. I guess it's why I like teaching at Stonewall Kitchen, to share what I know that has worked for me. I never saw myself as the teaching type, but I guess it was just in me and showed up at my doorstep one day. And we will be offering a variety of current innkeeper workshops as well as aspiring innkeeper seminars, but only in Maine, for those looking to buy in Maine. Stay tuned for announcements. 

So I hope to continue to work deals with my former B&B Team colleagues and look forward to my new role at The Swan Agency Sotheby's International Realty.

Thank you all for your support!

dana moosRealtor®
Director of Lodging and Hospitality Brokerage
Representing Buyers and Sellers Statewide Since 2008

Serving the Hospitality Industry, Selling the Hospitality Lifestyle

Dana Moos Consulting, LLC, iPhone 207-266-5604
Cookbook Author, The Art of Breakfast
Guest Chef Cooking Instructor, Stonewall Kitchen Cooking School

Wednesday, June 19, 2019

FOUR more inns sold since my last blog post? YES! Don't miss out, things are moving...

I haven't even had a chance to post what has sold since my last 'sold' blog post March 29th. 1802 House in Kennebunkport (buyer rep), Limerock Inn in Rockland (seller rep), Bar Harbor Cottages and Suites in Bar Harbor (buyer rep) and James Place Inn in Freeport (seller rep). All between April 30th and June 17th!

West End Inn

James Place Inn

1802 House Inn

The economy is strong, Maine tourism is strong, Maine's micro breweries, distilleries, arts and food scene are exploding, so what are you waiting for?

Contact me to talk about the first steps...

Tuesday, April 2, 2019

Charming Cottages Near Acadia National Park and a Strong Business. CHECK OUT THE NUMBERS!

Open Hearth Inn and Cottages sits at the 'gateway' to Acadia National Park, in Trenton, Maine, just steps from the popular  Trenton Bridge Lobster. 

Tom and Anne Rau purchased this as a pre-retirement plan. The couple are a perfect balance between warm hospitality and Mr. Handyman Fix-it-all. Their efforts, with not just Anne's hospitality, but her decorative touches, keeping the guest in mind and Tom's continuous efforts to update the cottages and rooms are quite evident in the growing success of their business. And let me not forget to mention the muffins. The homemade muffin offering there is a long standing tradition that not many cottage colony properties or motels offer. 17 units total, with 3 inn-style suites, 4 lodge rooms, 2 fully equipped apartments and 8 adorable cottages. Guests enjoy parking next to their units, picnic tables, chairs and rates that are easy on the wallet and allow guests to spend their money in the park, at dinner or activities.

The numbers.
Since Tom and Anne purchased in 2015 to 2018, they have increased the revenue considerably. Let's look at the stats.

11.32% increase from 2014 to 2015
20.22% increase from 2015 to 2016
4.38% increase from 2016 to 2017
6.72% increase from 2017 to 2018
33.92% increase since 2015 when they purchased
49.09% increase based on 2018 since 2014
41.99% increase based on 2019 over 2015
58.06% increase based on 2019 over 2014

And they've taken the ADR (average daily rate) up from $80/night to $110, but without dropping occupancy AT ALL which is a solid indicator that there's still room to increase rates. Tom and Anne  will leave that up to new owners, to give them continued opportunity. And based on the asking price, we are looking at a 10% cap on 2018 and likely 11.5% based on 2019. Strong business!

And check out the list of improvements:

New septic system installed and resized for correct number of rooms. 
Deck supports (lodge building) revamped added and made safe
Corner on lodge building repaired (former owners)
Added 2 Orkin yearly contracts, for pest/bed bugs preventative
Decking replace on Lodge deck completely (in fall)
Side rail added to spa (required by state)
Roof repaired and replaced over suites (partial)
Repaired, simplified, made safe electrical for signs
Replaced lamp post and lights at entrances x 3
Roof replacement over office and owners quarters
Lodge A&B bathroom fans replaced
Added Little Hotelier after the end of the season
Replaced skylight in spa room

New gravel to driveway, rocks added around well, driveway patched where they put in new well
Patio sliding door put in owners quarters
Apt B new flooring and subfloor
New BBQ grill for guest deck
New well pump, and tank and plumbed garage
Cottage 6,7, and 8 new roofs 
Wiring corrected over suites
18 sets of windows re-glazed and panes replaced
TVs replaced in cottages (larger) and suites
TVs hung in Lodge rooms and upgraded 32 inch as needed
Cottage 4,5 doors replaced
Sewer line repaired and replaced cottage 1 and 2
New ozone generator for spa
New wall heaters for 8 and 9
Oil tank replaced in main house
New flooring and ceiling in cottage 8, wiring corrected
Suite 3 new sink, fan, toilet and flooring
Furniture for set up of Suite 1 for exchange students
Through wall A/C replaced lodge D
Heat pump installed owners quarters
Heat pump installed Apt B
Ceilings repaired Suite 2, 3,4 and Suite 1
Lodge Roof replaced
New fence added behind owners quarters
New dryer and added to have 3 for business
New electric fireplace insert added to APT B
4 new bathtub/shower faucets (anti scald) Lodge A,B,C,D

Massive professional landscaping, lawn reseeded and grub control
Remainder of Cottages re roofed 1,2,3,4,5, and 9
New glass shower doors suite 2
New shower natural stone tile suite two
Septic float switch replaced (behind lodge)
Both decks cleaned, and water sealed
Painted inside railing of main deck
Heavy duty pressure switch added on garage pump
Removed front awning
12 new mattress sets for replacements in rooms
Added 3 and replaced 1 picnic tables
New fridge, dishwasher, and microwave owners kitchen
Switched to Irving from Acadia fuel added annual boiler maintenance plans

New septic pump behind lodge (now all new)
New mattress for 2 pullouts, cottage 7 and cottage 5
New light for office entrance and APT A
New light post front walk
New flooring Lodge D
Painted and repaired Suite 2 Bathroom, Bedroom walls
Painted and repaired Apt B Bathroom, Bedroom walls
Replaced Door to Apt B
Replaced both washers and added pedestals/5 year service
Repaired Apt B exterior walls (partially done)
Painted front of main building soffit
New screens for Apt B
Spectrum rewired entire property for digital tv service
Painted railing on inside Lodge building
Painted stairs on Lodge A/B side
Painted railing outside main deck
Removed 6 trees, replaced with cedars in front
Replaced Door to Apt A
Replaced last old dryer (both washer and 3 dryers all replaced)
Replaced dehumidifier in Basement of main house
Replaced remaining mattresses and box springs except for 2 kings all been replaced
Re-wired under APT B and put in boxes and made safe


Check out the listing on my website for more details and contact me if you want to discuss further.