Turn your fantasy vacation into a real business opportunity.
We have all had a particularly memorable vacation and thought to ourselves, "I could do this forever." Sometimes the appeal of the sandy beach, poolside bar, and luxurious room is strong enough to make you want to give up and relent to island life. We're here to tell you that you can have your mojito and drink it too — buying a resort is a viable money-making opportunity in 2018.
Keep in mind, buying a resort isn't always a vacation. Just like any entrepreneurial enterprise, buying a resort requires due diligence and a lot of research. We're here to help — read ahead to learn the ins and outs of buying a resort.
What is a resort exactly?
A resort is more than just a word, and it's more than just a "fancy hotel." There is a specific reason for the distinction between hotels and resorts for travellers and resort owners alike.
A resort is distinguished by the services it provides, amenities available onsite, and they span a greater area of land than a hotel. Resorts are designed to be an all-encompassing experience and not just a place to sleep. Resorts are not just lodging for a vacation, resorts are the vacation.
Okay, so resorts are specially classified lodging — easy enough. You've scouted out a spot in rural Mississippi that will be perfect (and cheap)! Well, not so fast. Amenities and onsite services are only a portion of resort offerings. Anyone who has booked a luxurious vacation knows that the main attraction of a resort is always the location.
People visit resorts to experience an extravagant and exotic location. Your rural Mississippi location might be a good candidate for an upscale hotel, but it doesn't quite fit the resort criteria.
People want to surf, tan, and visit the beach, so it's important to recognize that resort success is directly correlated to location appeal. According to TripAdvisor , some of the most popular vacation destinations are tropical paradises like Bali or the Caribbean.
However, due to overwhelming popularity, a beachfront property might be hard to come by, but don't be discouraged. Be on the lookout for landlocked gems and the unique experiences they might offer visitors.
Buying a resort might seem like an insurmountable task — resorts are only owned by legacy real estate Rockefellers, right? Actually, buying a resort is easier than you might think as long as you do your due diligence.
First, check out all of the financials for the resort. Get in touch with a tax or financial professional who can review the businesses' previous years complete tax returns, including profit and loss statements. Just because it's luxurious doesn't mean it's profitable.
When it comes time to sign a deal, have a legal representative review the purchasing contract. These documents can be very technical, so you want to be sure you know what you're getting yourself into before you sign.
All this advice isn't worth much if you can't find a resort to buy in the first place. Don't worry — we've got you covered. Online business marketplaces allow anyone with a little industry knowledge, and a little upfront capital, to broker their own business deal.
Explore Businessesforsale.com — the world's largest online business marketplace — to find your next business. There are over 70,000 different businesses to buy, in 130 countries, so you're sure to find something that fits your needs. Check out our advice section for helpful insights on buying and selling businesses or contact us for more information.