Finding Hotel Management

[Michael Hooper]

I'm looking in to buying an extended stay hotel. From the previous owners tax returns, they seem to turn a decent profit. However the more I think about it, the I'm not sure how to manage the property if I acquire it. Its only 11 units, and the current owners manage it themselves. Since its week to week rentals, I doubt a property management company would handle it. I assume I would need an onsite resident manager, as I live 2 hours away, and was wanting this to be a pretty passive investment from a day to day stand point. Does anyone have any experience in this? Is there an option I'm not thinking about? How do I find a resident manager? What's a reasonable amount to pay a resident manager that would handle bookings, cleanings, and maintenance? Thoughts?