Some Tips To Consider When Buying A Hotel

Tips To Consider When Buying A Hotel Or Motel




Hotels and motels can be great investments. The travel industry is not going away, and for this reason, there will always be a need for hotels and motels. While the investment in this industry is generally sound, not all hotels and motels are worth investing in. Here are some tips to consider when contemplating the purchase of a hotel or motel.



As with any purchase of real estate, the condition of the structure should be checked, and inspected by a professional. Necessary repairs, as well as the need for updated furnishings, fixtures, equipment, and inventory should be considered. This information will help you in determining the market value of the property. Once the sale is complete, make sure that the owner gives you a separate bill of sale for all furnishings, fixtures, equipment, and inventory, as well as the deed to the property.



Check with the county or state about planned changes and roadway construction. If the property is on a highway, and there are plans to build a loop, the property and business may not be as valuable as you thought it was.

Stay at the hotel as a guest for a week. Try to do this before anyone is aware that you are considering the property. This will give you the opportunity to view the hotel or motel as a guest would.

Avoid discussing price with the owner of the property. It is better to let the broker handle the negotiations with the owner. You should know in advance what the top dollar you are willing to pay for any property is, and disclose this information to the broker from the start.

If the hotel or motel is franchised, read the franchise disclosure. Also, view the franchise agreement that the current owner has with the company, and find out if that agreement will be transferred to you, or if you will have a new agreement with the company. Find out what fees you will be required to pay to the company upon taking over the property.

Check out the current competition, and consider the potential for future competition. Also consider the local reputation of the hotel or motel. If it has a bad reputation, it will be difficult to change the local opinion. A bad reputation drastically lowers the market value of the property.

Look at the financial statements for the past two or three years. Also, check the occupancy rate. Look at room rates and expenses for running the business. Check the room rates at nearby hotels and motels for comparison. Verify all financial information.

It is usual for the buyer to have a 30 day study period, and this is usually set down in the letter of intent or the agreement of sale. Use this period to check things out to your satisfaction. If you are not satisfied, you can back out of the agreement.

Review contracts that the current owner has with suppliers, as well as customer groups. Find out if those contracts will be renewed or valid after you take over the property. Be sure that the contracts will be satisfactory for you as the owner of the property. If there are existing contracts that you may wish to cancel upon purchasing the property, make sure that you will be able to cancel those contracts without being penalized.

Make sure that the hotel or motel is currently in compliance with governmental requirements. Also consider what licenses and permits you will need to get to operate the property, as well as the requirements and costs in obtaining those licenses and permits. Find out what insurance company is currently insuring the property and how much the premiums are. Do your own insurance shopping as well to see if you can get better coverage, or a better rate.
 
Looking for an insurance quote on a hotel you already own or plan to purchase? MJF can help you secure the coverage you need to protect your investment.
 
for more information e mail us at mjfinsurance@gmail.com

Just Engaged...Where to Start Planning

Just Engaged...Where to Start Planning

This posting will help you, the newly engaged couple to focus and streamline the wedding planning process. Just click on the link above to access the article.

A Bridal Affair To Remember - September & October 2010 Dates and Locations

Wednesday, 1


6:45 pm The Villa Barone Manor

737 Throgs Nexk Expwy Bronx, NY Order


Tuesday, 21


7:00 pm The Staaten


697 Forest Avenue Staten Island, NY Order


Wednesday, 29

6:45 pm Sirico's Caterers

8023 13th Avenue Brooklyn, NY Order




October 2010

Wednesday, 13

6:45 pm South Shore Country Club


200 Huguenot Ave Staten Island, NY Order


Tuesday, 19

7:00 pm Verdi's Of Westbury

680 Old Country Rd Westbury, NY Order


Tuesday, 26

6:45 pm Ariana's Grand

800 Rahway Avenue Woodbridge, NJ Order

Family Cruise Nights - Staten Island, NY (Classic Car Showcase Till 9/25/10)

Family Cruise Nites: Classic Car ShowcaseWhen :


08/25/2010 5:30pm 8:30pm - 08/25/2010



Where :

Historic Richmond Town

441 Clarke Ave. Staten Island, NY



Who :

No performers specified

Event Details

Category: OtherEvery Wednesday evening until Sept. 29, the Staten Island Region Antique Automobile Club of America will be on Historic Richmond Town's Center Street so people can get a look at the classic cars from the golden age of the American automobile. Admission is free. Call 718-351-1611 or visit nycgovparks.org for more details.

Staten Island Pet Expo @ Moore Catholic High School

Mark your calendars for Staten Island Pet Expo!


Oct 2, 2010 to Oct 3, 2010

11am to 7pm

Admission: $10 to enter

Benefiting: P.L.U.T.O



This event will promote responsible pet ownership to SI Pet owners. Exhibiting companies will be offering the latest services and products to the SI Pet Lovers. Adoption opportunites will be available at the expo.

For more information, please call 6469422042 or email promano@greenmarineproductions.com.

A.S.P.C.A. Pet Insurance Online Application

If you would like to purchase pet insurance, you can do so by clicking on the following A.S.P.C.A. link. Enrolling your pet has never been so easy!

https://www.petinsurancestore.com/Step1.aspx

Use Code Pet 127

Tips When Purchasing Commercial Insurance Coverage

COMMERCIAL INSURANCE TIPS




1. Package policies are almost always cheaper than individual policies. Consider combining liability coverage with your building or contents coverages.



2. Don't forget "income protection" insurance. It's inexpensive and can make the difference in surviving a major loss.



3. Tools and equipment are rarely covered off premises unless individually listed. If you list your tools, be sure not to over insure.... riders like this usually protect you on an "actual cash value" (market value) basis and NOT on replacement cost (cost new).



4. Have you properly insured your computer hardware and software?



5. Be sure to properly describe what your business does on your policy. Failure to do so will jeopardize your coverage.



6. Higher deductibles on property insurance will save you money. Consider deductibles of at least $1,000 for commercial buildings.



7. Don't forget to specifically insure your sign and any plate glass. They are often excluded on your building policy.



8. Business Catastrophe policies (sometimes called "umbrellas") are a great way to increase your overall protection.



9. Take a good look at your fleet or business auto policy. You should be carrying proper deductibles, charged for proper uses, and credited for good experience. Also be SURE you are protected for "non-owned" autos.



10. Snowplowing? You need proper auto liability AND general liability protection. If someone slips on the ice they say you missed, they will sue you... guaranteed!



11. Shop... shop... shop! All of your business insurance should be checked every two or three years. The market is constantly changing and you need to know your coverages are accurate and your rates are the best that you can get! Call us at (866) 983-8726 for a review of your policies.

Dog-bite claims grab record insurance chunk - Chicago Tribune

Dog-bite claims grab record insurance chunk - Chicago Tribune

MJF offers canine legal liability insurance for NY residents. If you own a breed of dog with a tendency to be vicious and must not be trained to be a guard or attack dog. You may qualify for our product. Company also offers a multi dog discount.

Group Health Insurance Premiums Increasing?

If your a business owner chances are your premiums have recently been increased or will be upon your annual renewal. M.J.F. works with multiple health insurance carriers such as GHIAtlantis, Aetna, Blue Cross Blue Shield to just name a few . Chances are we can help you find a health insurance plan to fit your needs. In addition we also offer dental insurance plans for as little as 2 employees. We are licensed in NY,NJ,CT,FL,PA and SC but plans vary by state.

Contact us today to review your current health insurance plan and let MJF try to find a plan that fits your health insurance needs!

http://www.mjfinsuranceagency.com/

MJF INSURANCE NOW HAS SCANLIFE BARCODE CAPABILITY

M.J.F INSURANCE AGENCY,INC WEBSITE ADDS

SCANLIFE BARCODE FOR EASE OF ACCESS

NY & NJ Online Defensive Driver Courses - American Safety Council / MJF Insurance

M.J.F. offers online driver training courses. These courses qualify you for insurance discounts and a reduction of points on your drivers license, REMOVES UP TO 4 POINTS.

Please check with your insurance carrier in N.J. to verify your benefit.

In N.Y. you receive a 10% discount on your premium and up to 4 points removed off your license.

Courses Offered:  30 Days to complete the class,
                            Electronically reported to D.M.V. within 24 hours,
                            Receive your certificate in approximately 7 days via mail
                            100% ONLINE, NO EXAMS!

N.Y. ONLINE Defensive Drivers Course:  Course fee is $27 with promotional code NYP4BE67

N.J. ONLINE Deefensive Driver Discount Course:  Course fee is $32

N.J. ONLINE Mature Driver Insurance Discount Class:  Must be over age 50, Course fee is $19.95

you can acces class through http://www.mjfdefensivedriver.com/
or
http://www.mjfinsuranceagency.com/

NY Online 6 Hour Defensive Driver Training Class ($27)

USE PROMOTIONAL CODE - NYP4BE67 FOR THE $5 DISCOUNT

http://www.mjfdefensivedriver.com/   Direct access to the Defensive Driver Training site
30 days to complete the class and your certificate will be mailed within 7 days.
Qualifies you for a point reduction on your NY license of up to 4 points.
Qualifies you for a 10% discount on your insurance premium.

http://www.mjfinsuranceagency.com/   Agency website to access all of our products and services including Online O.S.H.A. Training

MJF Now Licensed South Carolina

Its official, we have recently been licensed to write in South Carolina! Please contact us if you would like to receive a quot from one of our competitive carriers.

Let MJF Insurance Write Your Surety Bond

MJF can help you secure your Bond! Some of the more popular bonds we write are Bid, Receivership, Fiduciary,Probate and Performance Bonds. To secure more information or to request a quote, please e mail or call us today. We'll be happy to assist you!

Concession Vendors

Do you operate as a concession vendor? If so MJF has a carrier that can insure your business. Whether you run a hot dog cart, flower stand or other type of cart give MJF a call today!

Cutest Pet Contest

Staten Island's Cutest Pet Contest

Nonprofit Lets Children Swap Their Old Bikes - NY1

Nonprofit Lets Children Swap Their Old Bikes - NY1

Family Picnic Raises Money For Suicide Prevention - NY1

Family Picnic Raises Money For Suicide Prevention - NY1

Luxury Pet Resort to Open at Walt Disney World Resort

Luxury Pet Resort to Open at Walt Disney World Resort

Summertime Safety Tips For Your Pet

Summertime Safety Tips For Your Pet

Sellersville woman turns unwanted apparel into dress-rehab business | Philadelphia Inquirer | 08/11/2010

Sellersville woman turns unwanted apparel into dress-rehab business Philadelphia Inquirer 08/11/2010

Philadelphia health fair targets Chinatown residents | Philadelphia Inquirer | 08/15/2010

Philadelphia health fair targets Chinatown residents Philadelphia Inquirer 08/15/2010

S.I. film producer takes on 'The World' | SILive.com

S.I. film producer takes on 'The World' SILive.com

Cedar Grove Beach Club | SILive.com

Cedar Grove Beach Club SILive.com

Lowest gas prices for Staten Island -- Sunday, Aug. 15, 2010 | SILive.com

Lowest gas prices for Staten Island -- Sunday, Aug. 15, 2010 SILive.com

Back to the Beach continues in Midland Beach today | SILive.com

Back to the Beach continues in Midland Beach today SILive.com

No-Fault Divorce Becomes Law In NY

No-Fault Divorce Becomes Law In NY

State's Convicted Drunk Drivers Now Need Ignition Interlocks - NY1.com

State's Convicted Drunk Drivers Now Need Ignition Interlocks - NY1.com

Partner Links

Today I started the Partner Links section on our weblog. The links you find on the top of the page are establishments that we do business with. Hopefully, our clients,guests and followers will find this to be a valuable resource and continue to visit our blog to check for our updates.

Some Successes For August 2010

Some of the types of business we are writing in August 2010:

• Consultant - Commercial Liability (Responsible For providing indication on supplies to order based on architechts building plans
• Office Furniture - Retailer with large storefront (Commercial Liability, Business Auto and Commercial Umbrella)
• Contactor - Installs & Refinishes Hardwood Floors (Commercial Liability and Workers Compansation)
• Deli - with cooking-not open 24hrs (Commercial Liability & Property)
• Restaurant-Nutritional Meals delivered, no table service (Commercial Liability)
• Pennsylvania Annuity - Qualified - with 20% bonus upon approval. Rates Subject to Change.
• NY Annuity - 6.09% year one, 3 % guarunteed remainder of contract. Rates Subject to Change. 
• Florida Annuity - Non Qualified - 8% bonus on approval - potential 12% year one return, 3% guarunteed for duration of contract. Rates Subject to Change.

Netspend Prepaid Debit Visa Card

Apply for Your Netspend Prepaid Visa Debit Card By Clicking on This Link    
   Netspend Prepaid Debit Visa Card

No Credit Checks
No Interest Charges
Debit Card is Free
Savings Account Option
Cash Advance Option if You Have Direct Deposit of Your Payroll Activated

Can Be Used For:
Direct Deposit of Payroll
Direct Deposit of your Social Security Checks
Direct Deposit of your Tax Refund

Filling The Card:
Money Gram Locations
Western union Locations
Online Bank Account Electronic Fund Transfer
Cardholder to Cardholder Transfer
Can Reload at Most Pharmacies
Pharmacies Carry Reload Packs in Case You Don't Have The Card With You

Reporting:
Anytime Alerts to Your E Mail or Texts to Your Cell Phone
Daily Balance Alerts
Purchase Alerts - Every Purchase to Prevent Fraudulent Transactions

Visit http://www.mjfinsuranceagency.com/
Go To Products and Click on Netspend to Access the Online Application
You Will Receive Your Card in 7-10 Days.
Must have a valid Social Security Number and Be At Least 18 Years of Age

or call 866-983-8726 for more information

Personal Wedding Websites Created by You :: Wed Page Designs Wedding Website

Personal Wedding Websites Created by You :: Wed Page Designs Wedding Website

Planning your wedding?

Let MJF Insurance Agency help you plan and protect your future together!

Your website will help you keep your guests informed, post your bridal registries, photo slideshows, accept r.s.v.p.'s. Become elidgible for discounts, post interactive maps etc.. Visit our site today and take advantage of our free trial offer. If you decide to continue beyond the free trial period you can do so for a minimal fee.

Visit the M.J.F. wedding planner site to create your site today!             www.wedpagedesigns.com/mjfweddingpages

Congratulations and best wishes on your special day!

If MJF Insurance Agency can be of any further assistance, please feel free to contact us via the web
http://www.mjfinsuranceagency.com/ or toll free at 866-983-8726