Cant sell my hotel

eschaton

OP's hotel is now up for £280k on right move. Hard times.....

GDB2222

That's a really big chunk of real estate for £280k. Shame, really.

Ricerocket0_1

Running_Horse wrote: »

Has the current recession helped, with more holidaying at home?

Not at all! Some are busier then others, this is because of the last minute deals they are offering. Some hotels charging as little as £9.99 per family room per night for one night stays. Everyone undercutting one another, I will have no part of it and prefer to stay empty!
I don't care what any one says, no guest house or hotel is making any profit to talk about, most are loosing money. :rolleyes:

slowdog

it has been a long time since i posted here. dont know if anyone is interested, but i think i shall give an update anyway.

as i predicted (not on here, but still) blackpool had the worst season in it's history. whereas everyone thought the recession would lead to an increase in "stay-at-home" holidays, i knew, for blackpool, this wouldnt be the case. it is a long time since blackpool was a holiday resort. now it is a short break destination (for the vast majority). a large number that visit still have a foreign holiday, with blackpool as an extra few days here and there. obviously, a lot of abroad holidays would have been booked in 2008, so those people would have still had their main holidays abroad, and knocked blackpool on the head to save the cash. and lets be honest here, two weeks in blackpool isn't that far off 2 weeks in tenerife in cost. where would you go?

so what about us? we have struggled. the L2 fire alarm system we were instructed to have wiped out whatever back up cash that we had. the numbers were down, not just to us, but to blackpool as a whole, and we cut costs in as many ways as we possibly could.

it wont be enough

it is a fair bet that we will go bust this year. especially as we have just had a £6000 termination bill from RTA Business Sales. We cant afford it, so they are not getting it. However, we would like to fight it. If anyone can offer advice on that matter (in private preferably) it would be appreciated.

Similarly, if anyone can offer any advice regarding bankrupty and what to do, again in private, i would appreciate it


thankyou to everyone here that offered help and advice. your kind, and occassional harsh (but truthful) words were taken in and heeded. they gave me a lot of motivation to try and improve things and turn them around. in the months since, we managed to get a national accreditation too (one star, should have been more but we dont have a lift. the swine).

what enthusiasm you provided me with though was sucked away when my wife had a major health scare. although she was diagnosed with the all clear, it brought our focus onto us and our health, instead of the business. whilst i would actually say this is the right way round, it has taken away the last ounce of giving a toss about this place.

we want out, and we dont want the hassle and pressure anymore. we want to be a normal married couple, with normal day to day problems. whilst we are still here we will work to the best of our abilities, but we know that the inevitable is approaching and accept it. whats the point of worrying about what cannot be avoided?

all we need to do is to make sure we have a game plan for when it does.

slowdog

oh, and we were up for auction in october at £250,000 (or there abouts)



zero interest from anyone

princessamy86

Oh slowdog, I'm sorry to hear all that. I haven't got any advice to offer, apart from to visit the bankruptcy board and see if they can help you. I just wanted to say that I wish you and your wife all the best and I hope everything comes right for you.

kate252

there is a recession, perhaps people are scared whether they would sruvive if it got even worse- blackpool is declining as a tourist destination and attracting less people

its been on the market for years
its a good little hotel- nothing wrong with it
you cant walk away- its not an option
cant ou rent it in bedsits? any student lets needed n blacpool.
what im saying is- if selling it isnt the solution- its obviously not hapening is it- then you need to be more creative thinking- maybe its fate it wont go- because its not meant to get out of your hands-because you cant change whats meant to be (but you can gie it a bloody good try)
cold you keep it on the market- but take mlore of a back seat- take the sacrifice of a substantial drop in income in order to eploy someone else- what you will lose in money youll gain in sanity and time and health and thats priceless
there always must be a way out of situtaions- you must just keep pressing on with the issue and change tacts
you could even do something wacky- one couple put their house off in a lottery (but did have problems wih legality- although they were told it was ok to go aheda etc)
a marketing drive? get yourself int he press- with one of these mary queen of shop programs etc.
ebay?
auction? invite business people over and start bidding off a low amount and see t climb up- i dont know - all i am sayng is creative thinking is called for- ive never sold a hotel or ownde one so dont know what im talkng about really

slowdog

believe me, there has been plenty of creative thinking over the past couple of years

we do have a promising plan in place for changing the nature of the business without changing the nature of the business (if that makes sense), and it could well be a (dunno about THE) solution to our problems. however, this recent charge from RTA has kinda knocked us for six and could well "fork" us up, if you know what i mean

Radiantsoul

There is a bankruptcy forum on here.

Generally the advise on here is to call the CAB for advice. I would suggest you speak to your accountant(if you have one). Bankruptcy will cost you all your assets, but wipe out all your debts. If the debts are joint then both you and your wife may need to declare bankruptcy.

Another option is an IVA where perhaps the hotel is sold and moneys are accepted by your creditors as full and final settlement. This is possible as IVA have lower administration costs.

It all depends on who your creditors are too. I assume the bank is a big creditor and it is possible they would appoint a law of property act receiver.

I guess your first point of call should be to draw up your assets, liabilities, income and expenditure then get some professional advise. But don't pay for that advice as there are some sharks out there!

fc123

slowdog wrote: »

believe me, there has been plenty of creative thinking over the past couple of years

we do have a promising plan in place for changing the nature of the business without changing the nature of the business (if that makes sense), and it could well be a (dunno about THE) solution to our problems. however, this recent charge from RTA has kinda knocked us for six and could well "fork" us up, if you know what i mean

The RTA fee? That can be sorted out....wouldn't be the thing to force you into BR.
Is the new idea viable?

I posted earlier in the thread...would it not be possible to put it into auction and try to get whatever you can? Selling at a 'loss' would be the best option...depends on secured debt/mortgage outstanding.