Hotel Blog Post

Recently, I was able to attend the Lodging Conference in Phoenix.  Perhaps one of the best industry conferences I have had the benefit of attending.  Lenders,  investors, brokers, designers, franchise flags, management companies, owners and developers all come together to meet once a year in a relaxed atmosphere where deals for the following year are set in motion.

Like all real estate projects the hotel industry is bound to the old adage of “location, location, location.” So, as we all drive around and we see an interesting parcel we must all be asking the same question “Is it a hotel site?”

Since the planning, purchase and development of a site takes several years site selection professionals need to have great insight into the area, its trends, demographics and direction. Some of the primary factors hotel site selectors look for when identifying potential sites are:

  • Proximity to business activities;
  • Proximity to tourist, sports and recreation activities;
  • Proximity to colleges and universities;
  • Proximity to entertainment venues (restaurants, bars, shopping, sports arenas and theaters)
  • Transportation connectivity: public (buses, subways), private (cars, bicycles, walkability) and commercial (airports, taxis, Uber, DRVR, Lyft) and
  • The most current STR Report.

Once a site is identified, will the site appeal to your target guest in terms of price and location?  You don’t want to get too far out in front of development in a neighborhood, but you want to get far enough out to lock up the parcel at a price which will make your project financially viable.

So, next time a parcel catches your eye or peaks your interest, ask yourself “Is it a hotel site?”

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Brad Kaplan

Brad assists Owners, Operators and Receivers of Hotel, Office and Industrial properties with their Real Estate, Finance, Leasing, Construction and Organizational challenges; specifically, negotiating and drafting hospitality, purchase, sale, financing, leasing, construction, franchise and management agreements. He has in the past and presently…

Brad assists Owners, Operators and Receivers of Hotel, Office and Industrial properties with their Real Estate, Finance, Leasing, Construction and Organizational challenges; specifically, negotiating and drafting hospitality, purchase, sale, financing, leasing, construction, franchise and management agreements. He has in the past and presently serves as general counsel and national real estate counsel to several domestic and internationally based public and privately held companies. Brad represents foreign businesses doing business in the United States and U.S. businesses doing business abroad; and is a former Chairman of World Services Group (www.worldservicesgroup.com) an international consortium of legal and other professionals. Brad has achieved the highest rating, AV Preeminent®, from Martindale-Hubbell®. He is an active member of the Illinois Bar and maintains an office in both the firm’s Cincinnati and Chicago offices. Brad is the editor of the Real Estate Advisor Law blog, a tool that highlights articles and observations of Ulmer & Berne attorneys on various trends and opportunities affecting the commercial real estate and construction industry, and is a frequent speaker on internet and social media issues.