Strong Growth Fuels Interest in Wwning a B&B or Country Inn in New Hampshire’s White Mountains
The hotel/hospitality industry is coming off its strongest growth in revenue per available room in more than 20 years; and optimism remains high for continued improved performance. One industry expert—David Cianciolo of Badger Realty in North Conway, NH—is seeing the impact in New Hampshire’s White Mountains, where the market for B&Bs, country inns and developable land for hotels is hot.
North Conway, NH, (PRWEB) July 9, 2005 -- The hotel/hospitality industry is
coming off its strongest growth in revenue per available room in more than 20
years; and optimism remains high for continued improved performance. One
industry expert is seeing the impact in New Hampshire’s White Mountains, where
the market for B&Bs, country inns and developable land for hotels is
hot.
David Cianciolo of Badger Realty in North Conway, New Hampshire has
been selling hospitality real estate in the White Mountains for 30 years.
“Interest from well-qualified buyers has never been higher; some of the buyers
are hotel developers, while others are leaving their careers to follow their
dream of owning an inn or B&B. Properties come on the market and are sold
quickly. In just the past few months, our office has sold virtually every
lodging property that was on the market—and we’re seeing other owners who were
thinking about selling in the future making their move to offer their property
for sale now.”
The area around North Conway is often referred to as the
Mt. Washington Valley, as it’s located near the highest peak in the northeastern
U.S. With the largest segment of the U.S. population within a day’s drive, the
area is one of the most popular year-round resort destinations in the U.S.
According to Cianciolo, “Many people tell us they wish they could live here.
With a bed & breakfast—the fastest growing segment of the lodging industry
in the U.S.—or a country inn, they can. It’s a way to combine the independence
of owning your own business, the ability to meet people from all over the world,
and the enjoyment of the lifestyle this area offers.”
Cianciolo and his
partner, Ed O’Halloran, have personally been responsible for the listing and
sale of nearly 40% of all commercial properties on the market in the Mt.
Washington Valley area in the last twelve months. Recent sales by Badger Realty
have included Carter Notch Inn in Jackson, which was purchased by a couple from
the U.K.; The Forest Inn in Intervale; the Spruce Moose Inn & Cottages,
Wildflowers Inn B&B, Old Red Inn & Cottages, and the Briarcliff Motel in
North Conway; and three adjacent properties in North Conway which will be the
site for a 98-room Hilton Hampton Inn & Suites.
Cianciolo encourages
those thinking of purchasing an inn or B&B in the future to start working
with a specialist in hospitality real estate now. “Buyers—especially those who
don’t have a background in hospitality management—need time to learn about the
industry, the market and what type of property can help them meet their goals
and dreams. Plus, properties come on the market and are sold so quickly that you
could miss the perfect property if you’re not ready to act.”
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Source : http://www.prweb.com/releases/2005/7/prweb259463.htm