Minnesota & Wisconsin Commercial Real Estate > MN & WI Hotels & Motels
If you have always dreamed of owning and operating your own business; a place where you can welcome travelers from near and far, considering venturing into the world of commercial real estate investment by purchasing your own Wisconsin and/or Minnesota hotel or motel. From small, owner-run bed and breakfasts to large, state of the art hotels, investing in a WI or MN hotel or motel can create substantial opportunities for financial rewards and personal satisfaction.
In the current economic climate, people are reigning in their spending on lavish discretionary expenses such as trips to Europe or the Bahamas. Instead, folks are looking for local vacation options; places where they can re-connect with their spouse and their kids a little closer to home. People are also increasingly concerned about global environmental concerns, promoting a boom in the eco-tourism industry. As part of this eco-tourism movement, folks are selecting closer vacation destinations where they can appreciate the beauty of the world around them without a lengthy car or airplane trip to their destination. Areas such as Minnesota and Wisconsin offer outstanding opportunities to relax, absorb the serene beauty of the natural world and re-connect with friends, family and loved ones, all within easy driving distance from many areas of the United States. Such local, eco-friendly tourism has created a boom for local owner-operators of hotels and motels in these areas.
Minnesota, Wisconsin and the surrounding region offers outstanding outdoor pastimes for visitors. Ice fishing, cross country skiing and snow-mobiling in winter; fishing, hiking and golfing in the warmer months of spring, summer and fall; this area of the Upper Midwest is pristine and untouched by much of the over-commercialization you might experience in other parts of the country. The pace of life here is relaxed and friendlier than crowded, touristy resorts. Many of the businesses here are locally owned and operated, creating a warm and welcoming environment for tourists. The cost of living here is lower than many areas of the country. All of these factors contribute to this area of the country being the ideal place to invest in a hotel or motel.
In the Northwoods, owner-operators of hotels/motels can invent their own vision of relaxation here amidst the pines and lakes of this region. The basics are essential: clean, comfortable and quiet rooms for weary travelers. Beyond that, the sky is the limit for creative entrepreneurs. Many hotels have themes designed to draw in travelers. From relaxation spas to hunting lodges to resorts specializing in family activities, hotel operators have the unique opportunity to create an artistic vision for their guests. Lodges specializing in outdoor themed activities and family fun are particularly popular in this region given the plentiful opportunities for hiking, boating, fishing and other aquatic pastimes.
While investing in a hotel or motel here in the Northwoods of Wisconsin and Minnesota is certainly an opportunity to create something unique and special, there are a variety of business considerations which must be analyzed before jumping into any such investment. Local commercial real estate specialists, lawyers and financial advisors will all play a critical role in any decision to invest in an existing hotel property, or to begin construction on your own vision here. Real estate agents will be able to assist you in locating the perfect property at the perfect price. Commercial lending must be secured before proceeding. Prior to purchasing any type of property, it is necessary to engage in a careful analysis of whether it will be profitable when used for the purpose you intend. In engaging in such analysis, it will be necessary to take a close look at the surrounding community and whether the market is likely to sustain another hotel or motel given the existing options. Although market analysis is key, it may not be decisive. If you are passionate about operating a hotel or motel and have a vision of success you feel you will realistically be able to achieve in a particular market, there may be other reasons to proceed. Sometimes, investors who can truly offer superior lodging alternatives will ultimately be successful based on the quality of their establishment, no matter what other alternatives may exist in a particular market.
It's true that hotel chains are prevalent across the country; however, there is always a need for quality, well-run establishments. Independent hotels and motels are increasingly popular amongst travelers looking to experience something out of the ordinary, providing budding entrepreneurs a marvelous opportunity to enter the hotel/motel market. Historic properties are also rising in popularity. Why stay in an ordinary, predictable and often boring chain hotel when you can have an experience in a historic property you will not soon forget? The era of the small, independent business has returned. Embrace it as you consider embarking on a journey as an owner-operator of a hotel or motel in the Northwoods. With a little luck, a lot of passion and a tremendous amount of hard work, your vision of success can become a reality.