Does anyone have experience Buying a hotel?

[Kyle Keller]

So a friend of mine and I are looking into larger multifamily and found funding for hotels to be interesting. After talking to an agent and some lenders and finding an interesting deal were going to take a whack at it, at the very least for an cool thought excersice... All the numbers make sense, were learning about management and more about what it takes to run a hotel.

It seems like a whale though and it's moving quickly. Does anyone have any experience in the purchase of a hotel? What are pitfalls to look out for that you came across? How did you pick an area? Is there a way to find out the amount of transit through a town or why people are traveling through there?

Any help is appreciated.

[Benjamin Aaker]

I have a small 4 bedroom motel. In this market, banks are scared of investing in hotels. It can still be done, but I'd recommend finding a banker who agrees to finance first. You might find it difficult (but not impossible).