Masters of Moments Hotel Investing Mistakes - Jake Wurzak
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Jan 15, 2025 Dive into the world of hotel investing as common pitfalls are unveiled. Experience is highlighted as a vital asset in hospitality decisions. Location reigns supreme, but so does understanding customer needs. Delve into the dangers of broken business plans and cost overruns. Discover the challenges of renovations and ground-up developments that can lead to financial setbacks. Finally, learn how to maximize ROI by prioritizing practical improvements over mere aesthetics.
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Networking in Hospitality
- Build your network in the hospitality industry to learn from others' experiences.
- This is crucial, especially if you're new to the industry, as there's no substitute for experience.
Location's Importance
- Hotel location is paramount due to its impact on performance.
- A poor location can ruin a hotel, while a prime spot can make it outperform competitors.
Proximity to Demand
- Consider the proximity to demand generators when choosing a hotel location.
- If your hotel isn't generating its own demand, being close to attractions or business hubs is vital.