Separate property from operation
A compelling building is not the same as a sustainable hospitality business. Understand exactly what is being sold: property, operating company, lease, goodwill or a combination. Request records that match the proposed structure.
Read the physical asset
Consider room configuration, circulation, service access, maintenance backlog and likely capital works. Older properties may have particular restoration constraints. Arrange independent technical review before relying on renovation estimates.
Test the operating case
Review historic occupancy, rates, costs, staffing and seasonality where reliable records are available. Ask advisers to confirm which permits and registrations apply to the proposed use. Any projection should clearly distinguish observed figures from assumptions.
General information only, not legal, tax or investment advice. Check each asset with qualified independent advisers.