We continue to be excited and, frankly, surprised by the variety of opportunities available with Inns priced under $1,000,000.00. Of the four Inns introduced in part one of our clients, all were “viable” for a specific portion of the future Innkeeper market. One would appeal to a mature couple not ready to retire; a second has advantages for a younger couple with long term goals; a third would work for a couple with one contributing outside income. The fourth looked for an active outdoor oriented couple, with a special interest for experienced restaurant people. Our second group of four Inns under $1,000,000.00 that we currently represent has a similar diversity of appeal. Perhaps one of these will fit your profile.
This Inn makes a very strong statement about the ideal Innkeeper and it is horses! Butterfly Creek is the closest facility outside the grounds of the Tryon International Equestrian Center in Mill Spring, NC, and Tryon, NC. The active season has been seven months but is in the process of expanding to a year round operation. Because the Inn has five guest rooms, it is relatively simple to operate. The Equestrian Center basically does the marketing for the Inn. Butterfly Creek is an ideal environment for a single Innkeeper. Guests are oriented toward the Equestrian Center, providing an excellent source of business without serious effort on the part of the Innkeeper. In sum, Butterfly Creek is the ideal Inn for a single Innkeeper.
The seven room Chester House Inn follows the model of a smaller Inn which is not viable at first glance from a financial point of view, with sales hovering around $70,000.00 per year. And yet from a lifestyle perspective the Inn makes a lot of sense. The bottom line has averaged $19,000.00 over the past three years, but most of a couple’s living expense is included as deductible expenses for the Inn business. Mortgage payments, property taxes, utilities, and insurance are major expenses that are paid for in the business operations. Other expenses, such as travel, auto, and many other lesser expenses also become business expenses. Chester House Inn is ideal for a mature couple with continuing separate income. Owner’s quarters are excellent and significant owner financing is available.
South Shire Inn has an excellent location in downtown Bennington, Vermont. As an in-town Inn, it can achieve higher occupancy rates from regular mid-week business. With nine rooms, it should support a couple working the Inn together. Prior owners have meticulously maintained the facility and its location should provide occupancy rates in the 50% range. This is a solid in-town business. While it is ideal for a couple, it could also be run by an individual Innkeeper.
The Mad River Valley of North Central Vermont is a four-season resort destination that draws leisure travelers year round. Sugarbush Resort and Mad River Glen are the main attractions in winter for alpine skiing and snowboarding, while summer draws travelers with aspirations for hiking, road cycling, mountain biking, kayaking and countless other recreational activities. With eight rooms, the Inn is capable of supporting a couple. Needless to say, that couple should have a strong outdoor orientation. That profile extends to the Inn which has been purpose built. The Inn is clean and contemporary, with a refreshing lack of Victorian clutter. Weathertop also provides good owner’s quarters; two bedrooms and two baths with an open space living area. An outdoor oriented couple with long term plans for Innkeeping would be an ideal fit for Weathertop’s location.
Contact us at 877-957-2360 for details on any of the Inns above or to discuss your particular interest in Innkeeping.