I would like to start a hotel over the next few years. I know I will need a lot of capital to do so. I am working on getting the capital right now but I would like to know what a realistic amount to work for. I would like to buy a small 40 to 80 room hotel, put in a bunch of improvements and get it up and running. I most likely will be opening it up within about 50 miles of Seattle, but that could easily change. I know no one can give an exact number, but could someone least tell me how many zeros to expect and what the leading number might be?
I am not apposed to franchises. I know that just adds on more costs but they normally have a pretty good ROI.
Also, right now I am planning on getting a small portion of that amount and getting a loan from a bank for the rest. If this is a bad idea or you know of a better way please let me know. I know there is a lot of risk this way, so any help would be great.
Lastly, I know a lot about running a hotel. I have spent many years in this industry. I just have never started one before and don't know the first steps. I've been wanting to do this for many years now and I am finally in a place in my life where, except for the fiance issue, I can do this.