24 Unit Motel

New Listing

Listing ID: 1221

Location

Nova scotia

Description

Are you a couple seeking semi-retirement? Or an up and coming entrepreneur ready to roll up your sleeves?

This simple seasonal Motel, located in a beautiful part of our country, with amazing views and quick access to beaches, fishing, hiking, golf, and more, offers several options to fulfill whatever your goals may be.

We will not sugar coat the reality, we are not here to sell you, we are here to help you achieve your goal of finding the right property that meets your needs. The needs we foresee this property fulfilling, include:

LIFESTYLE - where you can close it down and walk away and head south for the winter, or to work on other projects or business.
FINANCIAL GROWTH - having worked with more similar accommodations businesses than anyone in Nova Scotia, and having seen the growth that can be created with a dedicated owner who has a clear vision for improvement and growth, this business certainly offers room for growth.
SAFETY & SECURITY - a true community where people help and take care of one another as well as a LONG history of financial success provide an unshakeable foundation from which to build from and rely on.

- The property operates from early May till late October (5 months)
- Under a normal operating year, there were 10-12 staff hired, which we would suggest to be highly excessive and can be trimmed back depending on the ownership. An engaged husband and wife couple could easily replace 4-5 staff.
- The property offers 24 rooms mostly with 2 doubles. There are a few iterations, none have kitchenettes. Half have updated flat screen TVs, some have A/C although not normally required given proximity to sea-breeze.
- The dining room is a 50 seat dining room with full commercial kitchen (dated, but maintained, functional and up to fire code). Floor to ceiling windows offer very nice views.

Qualified Buyers who complete the Non-Disclosure Agreement will be provided with our full Offering Memorandum.


Financial Information

Pre-Covid, the business was very steady in it's room revenues, generating $215k per year for the 2017, 2018, and 2019 seasons. The restaurant would average about $100k in sales.

Room rate for 2020 ranged from $90-$110 for a single person and $110-$130 for a couple.

We know the average engaged owner of a motel of this size, type, and market capable of generating profit of 40% - 60% from room revenues alone. The owner of this business has not been engaged for many years. As such, there are much heavier wage costs than would otherwise be the case.

We would expect under normal circumstances this property could easily generate over $100k in Discretionary Earnings, pre owner salary, pre-mortgage payments, and pre tax.

Minimum Equity Required

$200,000

Real Estate

Situated on 5 acres of land, serviced with on-site septic and well water. (easement required)
The property was built in the '69 and '75 (2 buildings). There have been a few updates and the property is always well maintained. Total Square Footage is approximately 10,000 sft.

The property has an Owner's quarters (work required) that was once used. Currently only used for storage, but remains fully functional and would not take much to revert back to a meaningful living space.

Price

$539,000

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