I'm jumping on here and posting this to get a pulse on a sector that I'm interested in due to my STR experience. I'm interested if anyone on here has any or much experience with owning a wedding venue? Obviously STRs and wedding venues are not really the same thing (but they could be), but I do loosely consider them related in the sense that it is a hybrid between a traditional real estate investment combined with a "hospitality" element in regards to management and operation.

The obvious starting things to consider that I've thought of are finding a property manager who is good at and/or wants a hands on type of approach to managing the property, working with and having good relationships with wedding industry vendors in the area who you can trust, extra things to consider with insurance, taxes, and permits etc, extra maintenance and repairs costs factored into your cash flow analysis, and different types of marketing strategies. And obviously location and the city you are operating in make a large difference as well.

But in the research I've done and knowledge I've acquired I know a lot of money gets spent on weddings and particularly the venues (according to The Knot's findings the average amount spent on just a wedding venue is around $15,000). So it seems like a lucrative thing to investigate.

But if anyone would be willing to share their 35,000ft knowledge or main things to consider I'd be interested to hear your experience, pitfalls you've found, tips you wouldn't think of right away, and any additional things to factor in when analyzing a deal (like providing amenities like tables and chairs etc) beyond a typical rental property analysis I'd love hear whatever you're willing to share and start a discussion!

Experience in wedding venue investments?

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