BECOME A HOTELIER
If you need extra income after you retire, or you just don't like the idea of complete retiring from work and doing nothing, this option might be a good choice. Buying a small hotel can give you a possibility to live in a beautiful place where all tourists want to go to, and at the same time generate an income that would cover your living expenses and more. The list of such vacation destinations include: Thailand, Ecuador, Costa Rica, Dominican Republic, Mexico, Greece, etc.
There are plenty of options. However, buying a mini-hotel and running it is a little bit more complicated than buying just a place abroad for yourself to live in. You'll have to consider such things like: what are the costs, who your potential market is, what are local requirements for licencing of this business, what is your potential competition in the area, what extra services you'd like to offer, how to attract customers, how to market your hotel, etc.
We can help our clients with all those problems and deliver a turn-key project. Please contact us to obtain detailed information on different regions, including selection of mini-hotels, prices, local requirements to businesses, residency rules, business and income taxes, etc. Here is a sample of an excellent option for investment in an overseas mini-hotel:
Greece is a wonderful place to live and to run a hospitality business. Mild warm climate combined with a developed infrastructure and the high living standards makes the life in this country very comfortable and enjoyable. And, as an additional bonus, it offers a simplified process of obtaining residency by foreigners with purchasing a real estate. An influx of tourists visiting Greece every year is a driving force behind the thriving hospitality business in this country. This fact provides a great opportunity to expats who would like to earn extra income while living in Greece. Here is what you can buy in Greece:
Mini-hotel (16 rooms) on Corfu Island - for $1,168,000 CAD
Current income: $220,000 CAD / per year
Operating expenses: $40,000 / per year
Net profit: $180,000 CAD / per year
ROI (Return on investment): 17% / year
One of options for expansion of the business is extending the seasonal use of the hotel up to the year round use. This will require conversion of the hotel, during the low season, to theme-vacation services aimed at specific groups of tourists. That would help increase profitability in 30-50%. Purchase of this hotel as an investment is very attractive due to current conditions of real estate market in Greece. The prices have been fallen for several years and they have reached the bottom. Most likely, the prices will go up starting from 2018. Also a good strategic location of this hotel allows upgrading its rating after some restructuring is done and a concept is changed. Then the room rates can be raised. Besides, this will increase the hotel's market value.