Getting into the hotel business? Or maybe you’ve been there a while and are ready to invest in a new building. Either way, you can’t build a hotel until you have a plot of land to put it on.
So what makes the best location for your hotel?
Which city do you want to build a hotel in? Location can make a big difference when you’re building a hotel. Are you aiming for a tourist-heavy location in the tropics? A city with lots of airport traffic? A popular business destination? It can be helpful to research other hotels in your destination of choice catering to your demographic to find out their rates, how long guests stay, and other industry metrics.
Once you’ve decided on a city, you need to decide on a neighborhood. Where is the real estate energy trending? Who will your guests be? Seek out information on new and trendy shops, restaurants, and other locations, as well as other places that your guests may want to visit. Consider crime and safety information, as well. When people travel, they want to know that they’ll be staying in a safe location.
What kind of perks does your location offer? Does your hotel have a great view? Accessibility to shopping? Proximity to a beach? The distance to the airport can make a big difference to guests, as well. Many of the best hotels in the world offer their guests accessibility to great shopping, entertainment, and popular tourist attractions.
At Lexstar Construction & Commercial Real Estate in Fargo, ND, we’re proud to work with real estate owners, commercial developers, corporate tenants, and investors to optimize and execute the best possible real estate solutions. If you have a project in mind, we’d love to work with you! Contact us online or by calling 701-492-6123.