Tuesday, October 13, 2020

NEW LISTINGS, NEW LISTINGS, NEW LISTINGS!!

It's been a busy summer into fall this year!  

New listings came on board (not driven by the pandemic, just coincidental)

Hartstone Inn and Hideaway, Lodging and Fine Dining in Camden, a confidential catering company in mid-coast, Oxford House Inn and Restaurant in Fryeburg, Captain Swift Inn in Camden, 76 Pleasant Street Restaurant in Norway and East Wind Inn and Tavern in Tenants Harbor! Click on the images for listing details.






 
These listings offer something for everyone - from 4 rooms to 23, with restaurants or bar and taverns, waterfront or in town, a catering company with a building that can be used for any number of businesses! 
 
There have also been new price adjustments on some listings
 
Contact me for more info or just to talk. You don't know what you don't know!

 
Are you ready to hit the reset button for 2021?



The Lending Climate for Hospitality During a Pandemic...

There are no shortage of inn buyers or sellers these days. It's almost as if the pandemic has placed an opportunity to hit the reset button, giving many a reality check of what's important. 

But are the banks lending? That's the question on everyone's mind.

I closed one inn in February this year. Then Covid hit. Three deals then fell through......

Fast forward 6 months or so, I closed two inns last month, The Inn at Bath (bottom two photos) and Acadia Bay Inn (top two). Both buyers worked with Machias Savings Bank and both utilized an SBA deal offering incentive to close by late September. I've frankly never seen a bank push through a commercial loan so quickly but I also didn't realize Machias is an SBA preferred lender, and as such, perhaps they have means that other banks don't. 


I have a list of hospitality lenders in Maine, but of that list, Machias Savings was the only one interested in taking on new hospitality loans, whereas others were looking to wait until the first quarter of 2021, giving them time to  assess the state of the industry a bit before jumping back into things. 

My understanding of why Machias might lend and others might not or why others might be more selective of what deals they would be willing to lend on would be that many other banks with a large portfolio of existing hospitality loans have been busy in 2020 forgiving loans, or deferring payments in order to help their current hospitality clients stay afloat. Machias may not have had a hospitality heavy portfolio in recent years and took this as an opportunity to grow theirs.

I have continued buyer interest and Machias Savings seems eager to continue down the path with hospitality buyers. And with the tourism season getting busier into the fall, things seem a lot more positive going forward than they did earlier in the year.



LET'S HOPE THAT 2020 TURNS THE CORNER AND LEADS US INTO A VERY POSITIVE FUTURE IN 2021.

Contact me if you have any questions at all or want me to introduce you to a Machias Savings loan officer!

Sunday, August 30, 2020

ZOOM Aspiring Innkeeper Workshop Schedule is Posted

 






ZOOM ASPIRING INNKEEPER
WORKSHOP SCHEDULE DATES



October 3 & 4
10a-1p each day

 


November 7 & 8
10a-1p each day



November 28 & 29
10a-1:30p each day 

____________________________

The Maine Inn Team launched our Aspiring Innkeeper Workshops for 2020 and then Covid Hit.


Like so many businesses, we are looking for ways to adapt to this new present day challenge. Things seem to change so quickly and so must we. 
 
We are seeing an uptick in interest from prospective buyers, particularly those looking to get out of Covid hot spots and up to Maine where the population may be less and the beauty, experiences and overall quality of life Maine has to offer is unsurpassed.
 
Our two-day weekend workshops were scheduled for 2020, but with the uncertainty of Covid-19, we are looking for ways to provide all of the same important content, but in ZOOM fashion instead. This will save you time, money and effort if you prefer to learn from home along with other aspiring innkeepers!
 

More information about our aspiring innkeeper workshop can be found herehttps://www.danamoos.com/seminars.html


The cost is $95 per weekend.


You can sign up for the workshops here.


 

 


We look forward to educating you!

Thursday, May 7, 2020

STYLISH new listing hits the market in Boothbay Harbor









The chic Russell House was originally founded as a bed & breakfast by Mr. Harlow Russell. Over the years, the house has taken on many forms including a home, a restaurant, an office space, and now a restored bed and breakfast making it a unique place to stay in Boothbay Harbor.

Today, The Russell House exudes luxury and sophistication through its contemporary style and charming atmosphere. The upscale features and modern amenities create a luxurious Maine Coast getaway. Guests can relax in the stunning Lounge or enjoy the coastal Maine air outside on the spacious deck.

The Historic Russell House Bed & Breakfast is newly renovated and unique to the Boothbay Harbor Maine region, offering a charming and sophisticated contemporary style amidst the coastal community. All 8 guest rooms have en-suite baths, heat pump A/C units and beautiful glass and tile showers.

Set apart from the hustle and bustle of downtown Boothbay Harbor, this peaceful Maine setting is a perfect destination for intimate getaways, celebrations, or a relaxing escape to the Boothbay Harbor region. The inn is within 2 miles of the renowned Coastal Maine Botanical Gardens and less than 1 mile from the Boothbay Harbor Country Club & Golf Course.

Offered at $1,195,000. For more information see the listing on my website - https://www.danamoos.com/rh.html

financial details provided to qualified buyer with signed NDA


Saturday, April 11, 2020

Using your 401k to fund your inn acquisition







While these are uncertain and unprecedented, times, there does seem to be a silver lining for those who have the benefit of being able to take this time to reassess their long-term goals.

A recent look at Google Analytics suggests that a number of people are doing just that. The past week looks to be not only above last week’s numbers but also higher than same-time last year. Clearly some people have a bit more time on their hands and are doing some research, looking specifically at lodging properties in Maine. Further, Dana Moos of the Maine Inn Team had a conversation with a potential buyer who said that she had been “taking this time to really look at what would make her happy” and that she “did not want to have her 401(k) totally tied to the market” but to have more control of it herself. All of this led to an interesting conversation of “ROBS” not to mention a positive outlook.

Rollover for Business Startups, ROBS, is starting to catch on and become much more attractive for those looking to start their dream business. ROBS is an investment vehicle that allows investors with 401(k) plans and Individual Retirement Accounts to use the funds to buy a business and pay for start-up costs. A four-step process allows the account holder to access the cash without paying early withdrawal penalties or taxes. It’s becoming increasingly prevalent among retirement account holders who aren’t ready to retire, but are looking for that next opportunity to have their own business. Essentially, you are investing in yourself and your ability to succeed.

ROBS “has become a very helpful tool to some buyers who could otherwise not raise the capital needed to purchase, or to purchase what they would really like,” says Dana Moos, Director of Lodging and Hospitality Brokerage at The Swan Agency Sotheby’s International Realty. “I’ve had at least three or four buyers use it in recent years.

Perhaps you have been wanting to start a business but were not sure of the funding or how to get started. If the B&B business sounds enticing in meeting great people and working for yourself, check out one of the Aspiring Innkeeper Workshops to hear more and learn more about ROBS. Our dates and more information can be found on www.danamoos.com or email dana@danamoos.com
.  

Two companies who handle ROBS are:

Guidant Financial https://www.guidantfinancial.com/financing-solutions/401k-business-financing/
Benetrends https://www.benetrends.com/programs/business-funding-solutions/401-k-ira-business-financing


Buying or selling an inn can be a relatively long process. We don't just take part in a quick transaction, we establish relationships. The sale is not our goal. Your success is our goal. And our relationship doesn't end at the closing table. – The Maine Inn Team, Dana and Tori

Sunday, March 29, 2020

New Gorgeous Waterfront Listing across from Acadia National Park!

Acadia Bay Inn sits on the ocean across Frenchman Bay looking directly at the mountains of Acadia National Park. The view  and property are stunning.

The inn offers 7 very spacious guest rooms, 4 with ocean views and decks, all with lovely,  renovated private ensuite baths.

The inn's parlor is the epitome of a 'great room' with a very large Inglenook fireplace, and bead board wood ceiling.

The inn has a common deck as well as guest room decks. And a staircase leads you down to the inn's  'pebble' beach.

A fantastic spot to spend time relaxing before or after a visit to Acadia, if you can tear yourself from the view.

Offered at $1,375,000

For more details, visit the listing page on my website and contact me with any questions. Financially viable from May-October season which can be extended.







New Midcoast Listing! 9 Cottages and Owner's Home in Lincolnville...

Pine Grove Cottages sits between Camden and Lincolnville Beach in the heart of Midcoast Maine.

All 9 cottages have fully equipped kitchens and bathrooms, decks and grills for "Maine, the way life should be". The owner's home offers privacy, 2 bedrooms, 1 bath, sun porch, eat in kitchen and spacious living room. There's plenty of parking for all guests and owners. Open seasonally May-October. And they're pet friendly which is so appreciated for visitors to Maine!









Offered at $895,000

For more details visit the listing page on my website and contact me with any questions! 

Monday, February 17, 2020

New Listing! Snow Squall Inn and Yoga Studio





Snow Squall is an elegantly relaxing Bed and Breakfast conveniently located on coastal route 1 in Wiscasset, "The Prettiest Village in Maine". Just 2 ¾ hours north of Boston and 25 minutes north of Freeport's discount shopping, and LLBean. The town of Wiscasset is home to the famous "Reds Eats" voted the best Lobster Rolls in Maine, which is within walking distance from Snow Squall.

The Snow Squall Inn boasts seven guest accommodations with private baths, including three multi-room suites ideal for families or friends traveling together. Located on 1.46 manicured acres on historic coastal US Route 1, guests of The Snow Squall Inn enjoy walking-distance proximity to Wiscasset's downtown restaurants, galleries, and shops. The owners have meticulously updated and expanded the property, creating an idyllic coastal wellness retreat. A 2009 renovation of an auxiliary barn yielded a modern commercial wellness building with yoga studio and spa treatment rooms. The inn features two interior public lounges, air-conditioning in all guest suites, wide porches with rocking chairs, fireplaces in multiple rooms, and a large kitchen with commercial appliances, ideal for guest breakfast preparation. With the auxiliary income-producing commercial wellness space, the property is perfectly positioned for continued success as a bed & breakfast or for growth as a wellness retreat.

They also offer regularly scheduled onsite yoga classes and massage/bodywork sessions (by appointment only). For more information please refer to www.wickedgoodyoga.com
TripAdvisor Ranking#1 of 4 B&Bs in Wiscasset Snow Squall Inn rated “excellent” by travelers

This is a very well maintained property and financially feasible business. Currently a seasonal operation May-October but could remain open year round. Wonderful TripAdvisor reviews. Financials provided with signed non-disclosure agreement to qualified buyers. More details of the listing on my website. Offered at $825,000






Saturday, February 15, 2020

Aspiring Innkeeper Workshop Schedule, Maine 2020




Introducing our 2020 Schedule for Maine Aspiring Innkeepers

Buying or selling an inn can be a relatively long process. We don't just take part in a quick transaction, we establish relationships. The sale is not our goal. Your success is our goal. And our relationship doesn't end at the closing table.

We are fully immersed in the hospitality industry and focus on selling Maine Inns, Bed & Breakfasts and commercial real estate with a hospitality component, including restaurants and event venues. We have been in your shoes, whether as buyer or seller.

We offer years of cultivated contacts and resources for every aspect of your business, from acquisition to operations to preparing your inn for sale and beyond. Maine hospitality lenders, attorneys, tax accountants, hospitality association leaders, reservation systems, vendors, you name it. We cover it. Take a look at our workshop agenda for details on what we'll cover and at the workshop schedule for dates and details.





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The Maine Inn Team looks forward to meeting you!

Tuesday, February 4, 2020

New Innkeeper Workshops for Maine Aspiring and Current Innkeepers

The Maine Inn Team is pleased to launch our Innkeeper Workshops with two offerings to choose from: Two Day Weekend Workshop for Prospective Innkeepers; or One Day In-Depth Workshop for Future Sellers.





As former innkeepers, one of the most often asked questions from guests is: "I have always considered owning a bed and breakfast. How did you get started?" This two-day workshop works through exactly that. How to get started, what to consider, financing, operations, and more. The Maine Inn Team, Dana and Tori,will walk you through major topics to consider: Marketing, Financials of Buying an Inn, General Operations, Food and Beverage, Making Your Inn Work for You.

These two-day weekend workshops will take place at various Inn locations throughout the state of Maine, providing you the opportunity to experience an Inn here in Maine and see what our hospitality is all about. The workshops will also feature guest presenters from the industry, such as tax attorneys, lenders, Reservations System representatives, Seasoned and New Innkeepers, and others.

These workshops are a unique opportunity to hear the nuts and bolts of innkeeping but also to talk to current innkeepers and others considering innkeeping. Talk with industry professionals who can help you with your business. Learn what this business is all about and how to be successful.

Whether you are thinking of selling this year, in three years, or in five years, it is never too early to plan your Exit Strategy. There are accounting and tax implications, as well as room rate and occupancy strategies, to running your business today that will be important at the time of selling. That is where Dana and Tori come in, providing the One Day In-Depth Workshop for Future Sellers. Our wealth of knowledge, and industry contacts can help you understand the selling process: how long might you expect to be on the market? How is the selling price determined? Preparing a clear P&L now so the books are ready for review when you sell; Preparing for showings, and more.

The buying, and selling, of an inn can seem like a challenging process. Tell us how we can help you. 

"Buying or selling an inn can be a relatively long process. We don't just take part in a quick transaction, we establish relationships. The sale is not our goal. Your success is our goal. And our relationship doesn't end at the closing table" - The Maine Inn Team

More information about our seminars can be found here: 

Workshop dates will be posted soon - the schedule and locations are being fine tuned