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Is it a Restaurant with Hotel, or Hotel with a Restaurant?
When real estate has multiple uses, there are many questions. Where should the focus be when the property is being sold? Is it a hotel, a restaurant, both? Where do you focus your efforts as it relates to a potential buyer? Sometimes the answers are obvious, sometimes the true answers are deceptive.
The real estate auction marketing firm, Rick Levin &
Associates, was recently assigned to sell a property with a successful history in lodging and a well-regarded restaurant, despite its current closure. They decided to focus on its fabu lous location and the fact that replacing the structures would be so costly that a savvy purchaser would surely see great value in simultaneously resurrecting both the restaurant and the hotel, allowing the "market to decide" which component would be embraced by the community.
The reality is that usually the market will tell the seller not only what they have, but what it is worth. Sellers often try to fight the market but the market almost always wins.
Rick Levin & Associates, Inc. is a Chicago-based Real Estate and Personal Property auction firm celebrating their 34th year and thousands of auctions for sellers large and small.