Best Methods for Finding Off-market Hotel Owners?

Question

Shot in the dark here, but I am looking for different methods to find contact info for older mom and pop hotels. I have done a lot of direct mail for SFR and multifamily over the years, but have never tried it for hotel owners. Any list providers out there that might have something in this category? Our niche is purchasing non-performing, older hotels and converting them to multifamily. Our group is on several broker marketing lists, but I am wondering about sourcing leads off-market. Any help/ideas would be appreciated. Thanks in advance!

@Andrea Foley

Henry Clark · Answer

Hey Owen. I feel weird giving you a legitimate response versus the ones you got.  Give Ryan and me a call for lunch and catch up on projects.

Here are three avenues you should check out for properties to convert.  School buildings for sale, larger child day care facilities and Golf courses.

Contractor near your home town bought School buildings in two different towns near there and is killing it, renovating them into multi.  You should know him.

Child care took a hit with Covid.  Do the Google search for Child care centers for sale.  I would also call the property owners of any large ones, even if they are not for sale.

Golf Courses, sport is declining.

Forgot Churches.  There was a church complex (flat roof, not steeple) for sale in Omaha, with extra land around it, in a great location.  Was about 6 months ago.

Forgot Hospitals.  Both Nebraska City and believe Syracuse sold their old hospitals.

Joseph Gozlan · Answer

Co-Star & CRExi are your best bet.

Jason Matthews · Answer

Hey!

Great topics and question. One recommendation I can provide is getting familiar with the "Family Offices" in your neighborhood. Family offices are pretty much the investment vehicle for affluent individuals that is a combination of Real Estate Porfolios, Stocks, Business Acquisitions etc. This way you go directly to the source of the owners and by-pass the slew of middlemen like myself and then if you do get some off-market deals that you might not be interested in, I can provide the purchaser for those deals that don't work for you!

Let me know if this made sense and was helpful!

Kevin Reynolds · Answer

@Owen Dashner - Would love to hear what has worked for you and where you're seeing promising leads.  I'm actively looking to build out a lead generation pipeline for hotel properties and would be interested to team up with others that have been successful in this space or know of tools that make this efficient.

John Boutros · Answer

Reonomy.

Eliott Elias · Answer

Talk to the staff, skiptrace the name. Tell the host you would love to meet the owners in person

Mike Dymski · Answer

Hey Owen.  My colleague has purchased eight extended stay hotels in the past 2.5 years and 'converted' them to his business model, which is a hybrid hotel/apartment.  He got 2 done and both the hospitality brokers and the owner community started bringing him all the opportunities (word spreads fast) because he was a closer, had financing and capital, and could pay more than traditional hotel owners due to his automated, efficient business model.  He's basically getting short term rates with medium and long term stays, limited cleaning, office only open during apartment hours, and automated booking/locks/communication/keys/etc.  I am building a hybrid hotel/apartment and running a similar business model.  It's how people want to live and stay now.

Best Methods for Finding Off-market Hotel Owners?

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