If you are considering running your own hotel or B&B in Costa Rica, there are many reasons to consider purchasing an existing property rather than starting your own from scratch. Perhaps one of the most important reasons to consider doing so is the fact that you will be able to purchase a property with an established name and branding. This can make marketing much easier and help you to get started earning a profit faster rather than spending time and money on building brand awareness.
Purchasing an established bed and breakfast or hotel also provides the benefit of a solid financial history. This, in turn, can facilitate the preparation of budgets. It can also make it easier to obtain financing, if necessary. As is the case with many areas in this part of the world, cash is critical.
Purchasing an established property provides you with the benefit of a cash flow that can assist you in meeting your short-term financial needs. It can often be somewhat difficult to obtain commercial loans or even short-term financing in Costa Rica. A solid cash flow can provide you with the peace of mind you need when first starting your business.
An established property can also provide you with the benefit of the necessary legal status for complying with tax reporting, permits and labor law obligations in Costa Rica. You will also find that many of the established B&Bs and hotels for sale in Costa Rica come with a large number of assets, most of which can be quite valuable in their own right. Rather than spending time and money on furnishing a new hotel, you can instead walk into a turn-key establishment and focus on turning a profit right away.
Building the marketing channels necessary to ensure high occupancy rates can take time. If you are new to the area, it can also take quite a bit of patience. Naturally, this can increase your risk when starting a new business. By purchasing an established property, you may find that it already has a loyal following that can ensure you stay booked.
If you are considering purchasing an established hotel or B&B, the first step should be contacting an experienced broker who specializes in the sale of commercial properties and hotels in Costa Rica. At Vesta Group Dominical, we offer our clients a combined 40 years of experience in the Costa Rican commercial real estate market. We have worked with clients from all over the world and from all backgrounds to help them in finding the property that will meet their needs. Whether you are looking for a multi-million dollar property or an exclusive boutique establishment, our resources and expertise can help you to find the perfect property in Costa Rica.