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Hotel Castillo
https://forum.costaricaticas.com/viewtopic.php?f=4&t=45126		 Page 1 of 2
Author:  SpeakNo [ Tue Feb 25, 2014 3:20 pm ]
Post subject:  Hotel Castillo
Would love to see what Hotel Impossible could do with it.


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Author:  TicaFan [ Sat Mar 01, 2014 4:11 am ]
Post subject:  Re: Hotel Castillo
Go on?
Author:  Joker99 [ Sat Mar 01, 2014 3:03 pm ]
Post subject:  Re: Hotel Castillo
Their web site isn`t working. Looks like they didn`t pay the dues.
Author:  Joker99 [ Sat Mar 01, 2014 6:39 pm ]
Post subject:  Re: Hotel Castillo
It seems to be working now. So what is the CRT discount above the 25% discount for a week or more paying cash?
Author:  JazzboCR [ Sun Mar 02, 2014 12:01 pm ]
Post subject:  Re: Hotel Castillo
SpeakNo wrote:
Would love to see what Hotel Impossible could do with it.

A Travel Channel show in which hotels are taken over and "fixed" by a team--can be fun. And yeah, The Castillo could benefit from their tough love--funky charm only goes so far...: http://www.travelchannel.com/tv-shows/hotel-impossible
Author:  Hank [ Thu Mar 06, 2014 8:56 pm ]
Post subject:  Re: Hotel Castillo
Stayed there one night and checked out the next morning. Two full beds, one in which the mattress was completely blown out. It was a nice size room(in the old part) with the key safe in a corner on the floor. The television was about 20 years old with a fuzzy picture and there was no A/C. The new rooms looked a lot better. And the room key was too big
Author:  SpeakNo [ Thu Mar 06, 2014 10:00 pm ]
Post subject:  Re: Hotel Castillo
Unfortunately, the owner reinvest zero into the property. Zero. It's been for sale for over 4 years. 1.5 million


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Author:  SpeakNo [ Thu Mar 06, 2014 10:03 pm ]
Post subject:  Re: Hotel Castillo
FOR SALE
Hotel Castillo


San José, Costa Rica

hotelcastillosale@gmail.com



Owner is retiring and price is reduced for quick sale.

We are right in the heart of all the action, just a few blocks from restaurants, cafes, museums, sightseeing and nightlife.

Three Star Hotel Bar & Restaurant

• Bargain sale due to retirement
• Turnkey operation
• In Historic Barrio Amon
• 22 rooms, all with private baths
• Restaurant/Bar seats 100
• Space for expansion for additional rooms





We have 22 rooms with kitchenettes and master suite available.
Best views in San Jose.
Open Air Rancho Bar in our beautiful tropical gardens.



We also offer:
Free High Speed internet & Wireless service, Cable TV
Telephones in rooms free local calls
Room safes at no additional charge
Private Bathrooms/hot water
A/C and Ceiling fans




Brokers invited, commissions paid.



Hotel Castillo
San Jose, Costa Rica




Thank you for your email and your interest in our hotel.

The asking price is $1,400,000 and is negotiable depending on terms. Some financing is available for qualified buyers.

Our promotional flyer is attached. Please let us know if you need more information or would like to speak with us directly, our sales office is in Granada, Nicaragua.


Tim Heckler
(505) 2552-3445
Granada, Nicaragua


​



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Author:  JazzboCR [ Thu Mar 06, 2014 10:36 pm ]
Post subject:  Re: Hotel Castillo
Sales Office and owner being in placid Granada, Nicaragua tells me something. Hands-off, indifferent mgmt? Desperation/disgust sale? Anyway, for the right guy or group, this is a good opportunity...at least on the surface. Due diligence on the ownership/physicalities/other legalities on the property, of course. Assumption by the new owner of existing transferring debt to suppliers or anybody else? What did I not think of?
Author:  MuffinMuncher [ Fri Mar 07, 2014 9:20 am ]
Post subject:  Re: Hotel Castillo
Asking price of $1.4M seems high, but admittedly I know little about the actual land value there.

The price has to be a combination of the asset value + the business value to justify it. You'd want to know the full maintenance history of the property: roofs, HVAC, water, etc. Get a GOOD commercial building inspection that lists every possible defect because you as the new owner will be responsible for it all.

As for the value of the business: 22 rooms x 360 days per year x avg nightly rate of $60 = roughly $500K in total possible annual room revenue if it's 100% booked all the time. Lets say its 80% occupancy on average so that's $400K in room revenue.

Then you have your bar and misc revenue - call it another $100K.

The profit margin on a $500K hotel (before paying the owner) might be $100K if there is no rent and payroll is under control. Even at 5x Cash Flow that's a $500K valuation on the business itself.

Therefore, the value of the land and property would have to be $900K. Thoughts?

(corrected my math)
Author:  Rac [ Fri Mar 07, 2014 11:31 am ]
Post subject:  Re: Hotel Castillo
My thoughts......... If it flies, fucks or floats (or has anything to do with any of these things)

RENT, DON'T BUY :!: :!: :!: :!: :!:
Author:  Osgood [ Fri Mar 07, 2014 12:07 pm ]
Post subject:  Re: Hotel Castillo
Amazing free breakfast as well :twisted:
Author:  JazzboCR [ Fri Mar 07, 2014 5:36 pm ]
Post subject:  Re: Hotel Castillo
Bro MuffinMuncher ran it down quite well. The difference between the asking price and his astute valuation could possibly be written off as that unknowable intangible "goodwill". Hotel Castillo got 1/2 million of that?
Author:  SpeakNo [ Fri Mar 07, 2014 8:21 pm ]
Post subject:  Re: Hotel Castillo
.
Author:  JazzboCR [ Sat Mar 08, 2014 12:34 am ]
Post subject:  Re: Hotel Castillo
SpeakNo wrote:
Shut up you fool


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At least spell it with a capital "F"--that I could accept. "You Fool" had a place in medieval courts, speaking truth to power in a jocular way.
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